Despite economic concerns and mounting recession fears, job growth in the United States slowed in August but remained healthy. According to the Labor Department statistics, companies gained 315,000 positions in the previous month.
The unemployment rate in the United States rose to 3.7% in August, up from 3.5% in July, somewhat more than expected.
Investors appear to have enjoyed the statistics presented on Friday. Bitcoin had gained approximately 2% in value at press time, while Ethereum had gained approximately 5%. Despite the current surge, technical indicators indicate a sharper pullback shortly.
The latest Labor Department data, issued on Friday, revealed that hiring – a rebound after 22 million jobs were lost during the COVID-19 epidemic – is still strong but slowing; this could indicate that the Fed’s modifications in monetary policy are starting to have an effect.
Because it is one of the last major economic reports evaluated before the Federal Open Market Committee’s (FOMC) next meeting on September 21-22, August’s Employment Situation report could be one of the most critical data points this year.
The crypto market is also gradually seeing more green after the data is released.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
The United States Securities and Exchange Commission (SEC) has extended its decision deadline for the…
LayerZero Labs collaborates with Chaos Labs and Nansen to conduct a LayerZero sybil detection report…
MicroStrategy Bitcoin holdings are now more than any country, with 214,400 BTC worth $13.6 billion.
The highly anticipated Bitcoin Seoul 2024 conference is gearing up to be a revolutionary event…
As an experimental festival, Non-Fungible Conference aims to revolutionize event frameworks, offering attendees a glimpse…
Blockchain Week Rome 2024 is set to unite the Italian and international crypto communities in…
This website uses cookies.