U.S. June Nonfarm Payrolls: 147,000 Jobs, Far Exceeding Estimates

JOON HYOUNG LEE

Summary

The U.S. announced that the number of nonfarm payroll jobs in June far exceeded market expectations.
The unemployment rate in June was lower than expected, indicating the labor market remains strong.
Following the June employment data release, the price of Bitcoin declined, but as of 9:40 p.m., it was up 1.57% from the previous day.

Last month, U.S. employment figures significantly surpassed market expectations.

The Department of Labor announced on the 3rd (local time) that nonfarm payroll employment increased by 147,000 in June compared to the previous month. This figure exceeds the market forecast (111,000) by 36,000. Compared to the revised figure for May (144,000), it is 3,000 higher.

Last month’s unemployment rate was 4.1%, 0.2 percentage points lower than the experts’ forecast (4.3%). Compared to the May unemployment rate (4.2%), it decreased by 0.1 percentage points.

Average hourly earnings increased by 3.7% year-on-year, which is 0.2 percentage points below the forecast (3.9%). On a month-on-month basis, it rose by 0.2%, falling short of the forecast (0.3%) by 0.1 percentage points. Average hourly earnings serve as an indicator of wage inflation.

Meanwhile, the price of Bitcoin (BTC) showed a downward trend following the employment data release. As of 9:40 p.m., Bitcoin is trading at $109,016.74 on CoinMarketCap. This represents an increase of 1.57% compared to the previous day.

BTC