The most current report on nonfarm payrolls from the Bureau of Labor Statistics indicates that the United States added 517,000 jobs for the month of January. Although this is a higher number than the previously reported 223,000 jobs in December, it’s much greater than the 187,000 jobs that economists had expected would be added. The unemployment rate has been reported to be 3.4%, which is the lowest jobless level since May 1969.
Signs Of No Recession?
In spite of the tsunami of layoffs that hit some of the nation’s largest employers, the unemployment rate unexpectedly fell, and the labor market added back more jobs than expected in January. These developments contributed to signs that the U.S. economy may not be slowing down enough for the Federal Reserve to turn away from its aggressive campaign to tame rising prices.
In minutes following the release of the unemployment news, the price of Bitcoin (BTC) remained unchanged at $23,353. With the headline number of 517,000 new jobs gained, the crypto market slightly slid into the red zone as per Coingape’s crypto tracker.
This is a developing story and is being frequently updated.
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