The unemployment rate in the United States falls by 3.5%; Crypto market turns bullish

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According to the latest non-farm payrolls report from the Bureau of Labor Statistics, the United States added 223,000 jobs in December. This is down from the 263,000 jobs previously reported in November and higher than the 200,000 jobs predicted by economists. Contrary to forecasts that it would remain unchanged at 3.7%, the unemployment rate stood at 3.5%.

No sign of recession yet?

Even though economists, CEOs and others are discussing a possible recession, the new data confirms that there isn’t yet. Apart from the employment figures, other economic indicators, such as consumer spending, also indicate that the US economy is not in recession. Despite the fact that the Federal Reserve began raising interest rates in March last year at a rate not seen since the 1980s, the labor market has remained resilient and robust.

Read more: Check out the 10 best DeFi lending platforms of 2023

In addition, data regarding vacancies has also been provided by the Bureau of Labor Statistics through the Job Vacancies and Labor Turnover Survey (JOLTS). According to the most recent data, the number of job openings in the United States in November was 10.5 million, which is comparable to the revised number of job openings in October. And preliminary layoff rate figures in November showed it remained at 0.9% for the third month in a row, close to a record low.

Crypto market reaction

Within minutes of the unemployment news breaking, the price of Bitcoin (BTC) remained unchanged at $16,750. With the overall number of 223,000 new jobs created, the crypto market has bounced back into the green zone over the past hour, according to crypto market tracker CoinMarketCap.

As of this writing, both Bitcoin and Ethereum have seen significant price increases over the past 30 minutes, with Bitcoin posting a 0.30% increase and Ethereum an increase of 0.60%. The price of XRP, DOGE, and BNB, along with a few of the other major cryptocurrencies, all rose in response to the news.

Also Read: Is Ethereum (ETH) Price Heading Towards $2000 As Whale Activity Heats Up?

Pratik has been a crypto evangelist since 2016 and has covered almost everything crypto has to offer. Whether it’s the ICO boom, the bear markets of 2018, the Bitcoin halving so far – he’s seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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