The US job data by the Labor Department showed that the nonfarm payrolls increased by 177,000, down from 228,000 recorded in the prior month. However, it still comes in hotter than Wall Street expectations, putting pressure on investors’ hopes for riskier assets like Bitcoin and altcoins. Notably, the unemployment rate stayed steady at 4.2%, with the overall market now eying what the Fed’s move will be with their rate cut plans.
US Job Data Weighs On Crypto Market Sentiment
The latest Labor Department report showed that the US nonfarm payrolls came in at 177,000 in April, up from the market expectations of 133,000. However, it marks a sharp decline from the robust 228,000 figure recorded in March.
On the other hand, the unemployment rate remained unchanged at 4.2% from the prior month and came in tandem with Wall Street expectations. This latest US job data indicates that the ongoing macroeconomic pressure, like the US-China trade war and other factors, has weighed on the economy.
Despite that, this hotter-than-expected job data could be a bearish sign for Bitcoin and altcoins. Now, the market eagerly awaits cues from the central bank ahead, especially as Donald Trump also warned of a slowing economy if the central bank doesn’t go for a rate cut decision.
The post Breaking: US Job Data Comes In Hot Dampening Bitcoin Rally Hopes appeared first on CoinGape.
