Summary
- The U.S. nonfarm payrolls in July increased by 73,000, falling short of the market forecast of 106,000.
- Over the past two months, job revisions amounted to 258,000, making the employment data adjustment considered highly unusual.
- The price of Bitcoin (BTC) rose 0.36% to $115,650 immediately following the employment data release.
Last month, U.S. employment figures fell short of market expectations.
The U.S. Department of Labor announced on the 1st (local time) that nonfarm payroll employment increased by 73,000 in July compared to the previous month. This figure is 33,000 below the market forecast of 106,000.
Notably, the total number of jobs revised for May and June over two months amounted to 258,000. Such a significant revision by the U.S. Department of Labor is considered highly unusual.
Additionally, the unemployment rate last month was 4.2%, matching expert forecasts. Compared to the June unemployment rate of 4.1%, this is a 0.1%-point increase.
Average hourly earnings rose 3.9% year-over-year, exceeding the market forecast of 3.8% by 0.1%-point. Average hourly earnings are an indicator that offers insight into wage inflation.
Meanwhile, the price of Bitcoin (BTC) temporarily increased following the release of the employment figures. As of 21:33 on the day, Bitcoin was trading at $115,650, up 0.36% immediately after the data was announced.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
