Breaking: U.S. unemployment rate falls to 3.5%; Crypto Market turns bullish
According to the Bureau of Labor Statistics’ most recent Nonfarm payrolls report, the United States added 223,000 new jobs in December. This was a decrease in the 263,000 jobs reported in November, but was still higher than the 200,000 jobs predicted by economists. Contrary to the predictions that it would remain at 3.7%, the unemployment rate was 3.5%.
Signs Of No Recession Yet?
Even though CEOs, economists, and others have been talking about a possible recession, new data confirms that there isn’t one yet. Other economic indicators such as consumer spending and employment numbers also show that the United States is not in recession. Despite the fact the Federal Reserve raised interest rates in March last year at a rate not seen since 1980s, the labor force has remained resilient and robust.
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The Bureau of Labor Statistics also provided data on job openings as part of its Job Openings and Labor Turnover Survey. The most recent data shows that the US had 10.5 million job openings in November, which is similar to the October revised number. The preliminary data for November’s layoff rate showed that it was at 0.9% for the third consecutive month, which is close enough to the record low.
Crypto Market Reaction
The price of Bitcoin (BTC), which was $16,750, remained the same at $16,750 in the minutes following the release of the unemployment news. According to CoinMarketCap, the crypto market has seen a rebound of $16,750 in the last hour after the news about 223,000 new jobs was released.
Both Bitcoin and Ethereum saw a significant price increase over the past 30 minute, with Ethereum seeing a rise in value of 0.60% and Bitcoin showing a rise in value of 0.30%, respectively. In response to the news, the price of XRP and DOGE, as well as a few other prominent cryptocurrencies, all rose.
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