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In April, the Bureau of Labor Statistics (BLS) reported that the United States added 253,000 jobs, surpassing both the downwardly revised figure of 165,000 for March and economist projections of 180,000.
In contrast to the forecasted rate of 3.6%, the unemployment rate for April decreased to 3.4%, down from 3.5% in March.
The news triggered a drop in the value of bitcoin (BTC), causing its price to fall by around 1% to $28,900 in just a few minutes.
Despite a recent modest slowdown, the employment situation in the United States has remained robust, prompting the Federal Reserve to persist in its efforts to raise interest rates and bring inflation closer to its target of 2%. In its meeting earlier this week, the Fed announced its tenth consecutive hike of the benchmark fed funds rate, which now stands at a targeted range of 5.0% to 5.25%. However, the central bank also indicated that it might consider pausing its rate increases.
Although the headline jobs number for Friday morning was impressive, revisions to the February and March reports resulted in a total reduction of 149,000 job gains. Specifically, February's number was revised downward from 326,000 to 248,000, while March's figure was lowered from 236,000 to 165,000. However, despite these revisions, the average job gain over the past three months still stands at a solid 222,000.
Further examination of the April report reveals that average hourly earnings increased by 0.5% during the month, compared to 0.3% in March and surpassing the forecasted 0.3%. Year-over-year, average hourly earnings rose by 4.4% in April, up from 4.3% in March and beating expectations of 4.2%.
Source Coindesk
