Positive US Employment Report: Bitcoin Jumps

According to the Bureau of Labor Statistics, the US continued to exceed forecasts for the number of new jobs added in December. The employment report shows the unemployment rate fell to historic lows. To elaborate more, compared to the previous month, the unemployment rate decreased from 3.7% to 3.5%, with 223,000 newly-added jobs in December. This is higher than what Bloomberg estimated at 200,000. In this article, I will cover how the positive news affects Bitcoin price.

Positive US Employment Report: Bitcoin Jumps (Source: U.S. Bureau of Labor Statistics)
Positive US Employment Report: Bitcoin Jumps (Source: U.S. Bureau of Labor Statistics)

Altogether, the US added 4.5 million new employment in 2022, only behind the performance in 2021, when the nation was beginning to recover from the COVID-19-caused crash. With nearly 700,000 new jobs added, February was the strongest month in 2022 in terms of job growth, while December came in last despite exceeding expectations.

The report went live today on January 6. Shortly after that, Bitcoin prices jumped toward the $17,000 level. BTC spot price on MEXC is at $16,950.95 at the time of writing, having a 0.71% increase in 24 hours. Although the good news from the employment report has a positive impact on the cryptocurrency market and other investments, it doesn’t correlate as directly and obviously as Consumer Price Index (CPI) data. The latter is one of the direct indicators that reflects inflation level.

Closing Thoughts

As the world’s most powerful economy exceeding expectations, can the US avoid a recession? Will investors regain their market confidence? MEXC looks forward to knowing the answers. Anyways, investing opportunities come with crypto winter. Moreover, don’t forget to do your own research before trading. Lastly, check out our daily industry news and MEXC trading page to find out what we have to offer. Start your crypto journey now with MEXC!

Join MEXC and Start Trading Today!