The latest US Job data showed that the nonfarm payrolls increased by 143K in January, down from the Wall Street expectations. Simultaneously, the report also showed that the unemployment rate came in at 4% in the starting month of the year, down from 4.1% in the prior month. As the latest data indicates a cooling labor market, investors are keeping close track of Bitcoin price ahead.
Cooling US Job Data Sparks Bitcoin Price Rally Hope
The latest US Job data by the Labor Department showed that nonfarm payrolls recorded a surge of 143,000 in January, down from 256,000 in the prior month. Notably, the market was expecting the number to remain near the 169K level.
Simultaneously, the US unemployment report came in at 4% last month, down from the December figure of 4.1%. The market was eagerly waiting for this crucial labor market data, as it tends to influence the US Federal Reserve’s rate cut plans. Meanwhile, this lower-than-expected job data has fueled speculation over a potential Bitcoin price rally.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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