Here’s How Friday’s US Jobs Report Could Impact the Bitcoin (BTC) Price
The US jobs market report for March is set for release on Friday and has the potential to really shake things up in the Bitcoin market.
Traders will be closely scrutinizing the non-farm payrolls figures (the net change in jobs in the economy), which is expected to moderate to 239,000 from 311,000 a month ago, as well as measures of labor market slack and wage growth.
Measures of labor market slack like the unemployment rate show that the US labor market has, up until now at least, been in historically good health over the last year or so.
The unemployment rate is seen remaining close to multi-decade lows at 3.6% in March
Wage growth, meanwhile, continues to press ahead at a pace well beyond the Fed’s 2.0% inflation target, although it has admittedly been easing in recent months, with further easing expected on Friday.
US labor market data released thus far this week in the run-up to Friday’s report has generally surprised to the downside and, as a result, most analysts expect Friday’s report to come in weaker than expected as well.
JOLTs data on Tuesday for February showed job openings in the US economy (a good proxy for labor demand) falling to a two-year low under 10 million.
Payroll company ADP’s estimate of the net change in employment in the US surprised to the downside on Wednesday and annual revisions to the number of weekly jobless claims being made in the US on Thursday saw upward revisions.
Weak labor market data this week comes in tandem with two weaker-than-expected ISM PMI reports – the first one, released on Monday, showed the US manufacturing sector in a deeper-than-expected contraction.
The second, out on Wednesday, showed growth in the US services sector slowing to a near standstill.
All said, the poor data this
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