What to know:
- U.S. added 227K jobs in November, more than the estimated 200K.
- Unemployment rate increases to 4.2%.
- Bitcoin rose slightly on the news to over $98,500.
As a seasoned crypto investor with a knack for deciphering economic trends and their impact on digital currencies, I must admit that Friday’s jobs report brought a mix of relief and intrigue. Relief because the U.S. economy seems to be steadily recovering, which is generally positive news for the stock market and, by extension, cryptocurrencies like Bitcoin. The incremental increase in the unemployment rate was a small price to pay for the robust job growth we witnessed last month.
In November, the job market in the United States showed signs of recovery following a weaker-than-expected performance in October, which may have been influenced by the hurricanes that hit the southeastern region.
Last month saw an increase of 227,000 non-farm jobs as per the Bureau of Labor Statistics, surpassing economist predictions of a 200,000 job growth. The initially reported 12,000 job gain in October was later revised upward to 36,000.
November’s unemployment rate was 4.2% against estimates for 4.2% and October’s 4.1%.
The price of bitcoin (BTC) rose to $98,445 in the minutes following the data.
On Friday morning, the employment figures will be one of the final crucial economic indicators considered by the Federal Reserve before their scheduled meeting on December 17-18. Just a month ago, financial market participants were almost positive that the U.S. Federal Reserve would lower its benchmark fed funds interest rate range during this meeting. However, robust economic data, persistent signs of inflation, and cautious comments from Fed members have slightly altered this perspective.
Based on CME FedWatch, traders had previously estimated a 70% likelihood of a 0.25% reduction in interest rates by December, which was a decrease from 80% just a month earlier. However, following the U.S. jobs report, the probability of a 0.25% rate cut has risen to 88%.
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2024-12-06 16:59