US March Nonfarm Payrolls Surged by 228,000, Far Exceeding Expectations

Minseung Kang

Summary

The US March nonfarm payroll index was reported to have significantly exceeded market expectations at 228,000, showing the robustness of the labor market.
Bitcoin prices showed a short-term upward trend immediately after the employment data release, indicating a positive impact on the virtual asset market.
The fact that the average hourly wage fell short of expectations somewhat alleviated concerns about wage inflation in the US economy.

The US employment figures significantly exceeded expectations (137,000), showing a robust labor market.

According to data released by the US Department of Labor on the 4th (local time), the US March nonfarm payroll index was 228,000, far exceeding the market expectation of 137,000. The unemployment rate slightly exceeded the market expectation of 4.1% to record 4.2%.

On the other hand, the average hourly wage, which provides a glimpse into wage inflation, increased by 3.8% year-on-year, falling short of the expected 3.9%. Month-on-month, it rose by 0.3%, matching expectations (0.3%).

Immediately after the data release, Bitcoin prices showed a short-term upward trend. On this day, Bitcoin (BTC) is trading at $82,975, up 0.5% from the previous day, based on the Binance USDT market at 21:32.