Summary
- The U.S. January nonfarm payroll index fell short of market expectations, indicating a cooling labor market.
- The growth rate of average hourly wages exceeded expectations, hinting at the possibility of wage inflation.
- After the employment data release, Bitcoin prices showed an upward trend.
The U.S. employment figures fell short of expectations, indicating that the overheated labor market is gradually cooling down.
On the 7th (local time), data released by the U.S. Department of Labor showed that the January nonfarm payroll index was 143,000, falling short of the market expectation of 169,000. The unemployment rate also slightly fell below the market's expectation of 4.1%, recording 4.0%.
On the other hand, the average hourly wage, which provides a glimpse into wage inflation, increased by 4.1% year-on-year, exceeding the expected 3.8%. It also rose by 0.5% compared to the previous month, surpassing the expected 0.3%.
Following the release of the data, the price of Bitcoin showed an upward trend. On this day, Bitcoin (BTC) was trading at $98,419 on the Binance USDT market at 10:42 PM, down 0.1% from the previous day. Bitcoin briefly touched $98,200 immediately after the data release.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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