Crypto:
30188
Bitcoin:
$69.056
% 2.86
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.056
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

U.S. Adds 275K Jobs in February; Unemployment Rate is 3.9%

Unemployment Rate

U.S. Adds 275K Jobs in February; Unemployment Rate is 3.9%!! In the latest economic update, the United States added 275,000 jobs in February, surpassing expectations which anticipated around 200,000 new jobs. Although January’s initially reported robust job growth of 353,000 was revised downward to 229,000, the overall trend remains positive.

Despite the revisions for previous months, economist Joe Brusuelas noted that the three-month average job gain stood at a strong 244,000, with a six-month average of 228,000.

However, the unemployment rate for February was slightly higher than anticipated, reaching 3.9% compared to the expected 3.7% and January’s 3.7%.

Following the report, Bitcoin (BTC) saw a slight increase to $67,650. Meanwhile, traditional markets showed minimal reaction, with U.S. equity futures, bond yields, and the dollar experiencing modest declines.

Heading into 2024, market expectations were centered around potential economic slowdowns and inflation concerns leading to aggressive rate cuts by the U.S. Federal Reserve. However, the economy has displayed resilience, and inflation remains stubbornly above the Fed’s 2% target. Consequently, expectations for the first Fed easing have shifted from March to June or later. Market participants have adjusted their expectations accordingly, now pricing in only about 75 basis points in rate cuts for the year, compared to roughly 150 basis points just a few weeks ago.

Despite the disappointment regarding easier Fed policy, asset markets have not shown any signs of difficulty. Major U.S. stock averages and the price of gold are at or near all-time highs. Similarly, Bitcoin has reached new records this year, with significant demand from spot ETFs overshadowing concerns about the economy or interest rates.

READ:  Bitcoin and Cryptocurrencies Market Status – January 16

In terms of other report details, average hourly earnings in February saw a modest increase of 0.1%, falling short of the expected 0.3% and signaling a slowdown from January’s 0.5%. On a year-over-year basis, average hourly earnings rose by 4.3%, slightly below the expected 4.4% and January’s 4.4%.


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