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.
The post Breaking: Bitcoin Price Eyes Breakout As US Job Data Shows Slowing Growth appeared first on CoinGape.
