Positive employment report & BTC price
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The Bureau of Labor Statistics reports that the US added more new jobs than was predicted in December. The unemployment rate is at an all-time low, per the jobs report. More specifically, the unemployment rate decreased from 3.7% to 3.5% in December compared to the prior month, thanks to the addition of 223,000 new jobs. This is higher than Bloomberg's estimate of 200,000. In this article, I'll go over how the good news affects Bitcoin's price.
Unemployment rate & nonfarm payroll employment (Source: U.S. Bureau of Labor Statistics)
The US added 4.5 million new employment in total in 2022, which was just somewhat less than the performance in 2021, when the nation was just beginning to emerge from the COVID-19-related problem. In 2022, February was the best month for job growth, generating around 700,000 new positions, while December came in last despite exceeding expectations.
On January 6th, the report became accessible. The price of bitcoin quickly climbed to $17,000. BTC spot price on MEXC Global is currently at $16,950.95, up 0.71% from the previous day as of the time of writing. The positive employment report results have an impact on the bitcoin market and other assets, but they don't connect as strongly and instantly as data from the consumer price index (CPI). The latter is one of the direct indicators of inflation level.
Final Reflections
As the most powerful economy in the world that is surpassing predictions, can the US avoid a recession? Will investors regain confidence in the market? MEXC is keen to discover the answers. In any event, there are investment chances during the crypto winter. Additionally, remember to complete your own research before trading.
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