The U.S. economy added 172,000 jobs in May, well above forecasts, while unemployment held at 4.3%. The stronger labor data added to expectations that the Federal Reserve could raise rates this year, keeping pressure on bitcoin and broader risk markets.
The U.S. economy added 172,000 jobs in May, well above forecasts, while unemployment held at 4.3%. The stronger labor data added to expectations that the Federal Reserve could raise rates this year, keeping pressure on bitcoin and broader risk markets.
The report matters for crypto markets because stronger labor data can support a higher-for-longer interest-rate outlook, which tends to weigh on risk assets. CoinDesk reported that bitcoin remained under pressure after the jobs release, trading below $62,000 as the broader crypto market absorbed steep overnight declines.
The U.S. economy added 172,000 jobs in May, beating economist forecasts of 85,000 and strengthening the case for potential Federal Reserve rate hikes this year. The unemployment rate held steady at 4.3%, matching expectations, according to Bureau of Labor Statistics data released Friday.
The report matters for crypto markets because stronger labor data can support a higher-for-longer interest-rate outlook, which tends to weigh on risk assets. CoinDesk reported that bitcoin remained under pressure after the jobs release, trading below $62,000 as the broader crypto market absorbed steep overnight declines.
The reaction extended beyond crypto. The 10-year Treasury yield rose to 4.52% after the report, while U.S. equity index futures moved lower, including a 1.2% decline in Nasdaq 100 futures. Gold also fell 1.1% to around $4,400 per ounce, and oil prices edged lower to $94 per barrel.
The jobs data followed other signs of resilience in the U.S. economy. Both ISM Manufacturing PMI and ISM Services PMI readings came in above expectations and remained in expansionary territory, adding to the view that economic activity has held up despite tight monetary conditions.
Equity markets had already been on a strong run, with the S&P 500 on track for a tenth consecutive weekly gain and up roughly 10% year to date. Still, CoinDesk noted that some enthusiasm had faded in semiconductors after Broadcom issued a weaker-than-expected outlook for AI-related chip demand.
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