The eagerly awaited labor market data for the US has been released today; Unemployment rate decreased, Nonfarm Payrolls below expectations!
Critical Labor Market Data Released in the US!
According to the monthly employment report from the Bureau of Labor Statistics (BLS), the US added 209,000 new jobs in June. This figure came in slightly below the expectation of 225,000 and lower than the downwardly revised 306,000 in May. The job gain in May was initially reported as 339,000.
The unemployment rate in June decreased to 3.6% compared to 3.7% in May and fell below the expectation of 3.7%.
#US – Unemployment Rate announced as 3.6%.
*Expectation 3.6% / Previous 3.7%#US – Nonfarm Payrolls announced as 209K.
*Expectation 225K / Previous 306K
— CoinOtag EN (@coinotagen) July 7, 2023
This news came about 24 hours after the release of ADP’s excellent jobs report for June, which showed the addition of 497,000 new jobs compared to the expected 220,000. This report caused a decline in Bitcoin.
Although it was a small deviation, today’s employment report emerged as a notable occurrence, breaking a streak of 14 consecutive months of exceeding expectations.
While there is still plenty of economic data to come in July, today’s release marks the last national employment report before the Federal Reserve’s late July interest rate policy meeting.
Reaction of Bitcoin, Gold, and Dollar
Prior to the release of the labor data, the price of Bitcoin was trading at $30,114. With the release of the data, BTC experienced a sharp upward movement and showed an increase of about 0.80% to reach $30,350. However, Bitcoin later experienced a slight decline and is currently trading at $30,217.
The dollar index (DXY), on the other hand, was at 103.054 before the data release. Following the release, DXY started to decline and dropped by more than 0.40% to reach 102.630. Currently, DXY stands at 102.869.
As for Gold, it saw an upward trend just before the data release and experienced a jump of about 0.70% from $1,915 to $1,929. Currently, Gold is trading at the $1,920 level.
