The most recent non-agricultural payroll data indicates a substantial increase in U.S. employment for December. Concurrently, the unemployment rate fell more than anticipated. These key economic indicators could potentially have a considerable influence on Bitcoin and the overall crypto market.
US Nonfarm Payrolls Surge To 256,000
In December, the number of jobs outside farms, as indicated by Labor Department statistics, grew by a robust 256,000. This figure surpassed predictions of 160,000 new jobs, demonstrating yet another strong showing for U.S. job growth, following November’s increase of 227,000 positions.
Instead of increasing as anticipated, the unemployment rate surprisingly decreased to 4.1% in November, which is lower than the forecasted 4.2%. This unexpected drop in the nonfarm payrolls report has led traders to speculate that the Federal Reserve may not reduce interest rates during the first half of the year.
Based on their predictions, these traders expect a single interest rate reduction from the Federal Reserve this year, with the possibility starting as late as June. This scenario might lead to a pessimistic viewpoint among Bitcoin investors, given how such economic data might influence their decision-making process.
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2025-01-10 16:56