Bitcoin edges towards $97,000 as US labor market exceeds job growth expectations
By: bitcoin ethereum news|2025/05/02 21:15:01
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The US labor market added 177,000 jobs in April, exceeding expectations of 130,000, according to the latest nonfarm payrolls report (BLS). The unemployment rate remained steady at 4.2%, matching forecasts and tying a 17-month high. Average hourly earnings rose 0.3% month over month and 3.8% year over year, reflecting stable wage growth. Job gains were concentrated in health care and transportation, which added 48,000 and 17,000 positions, respectively. Manufacturing payrolls increased by 6,000 while federal government employment edged down by 3,000. The labor force participation rate remained at 62%. Revisions to previous months subtracted a net 32,000 jobs from the first quarter, softening the three-month average increase to 152,000. Markets responded cautiously to the data. Bitcoin moved toward $97,000, posting modest gains following the release before retracing slightly. The digital asset’s reaction reflected broader risk sentiment as equity futures advanced slightly. The S&P 500 futures rose about 0.3%, and bond yields climbed modestly in pre-market trading as traders evaluated the balance between economic resilience and policy expectations. Futures markets continue to price in a potential rate cut in the second half of the year, though stronger labor data complicate forecasts. April’s figures offer no definitive signal on recession risks or imminent policy easing. While hiring remains above demographic replacement rates, mixed sectoral strength and steady unemployment point to a labor market gradually easing without rapid deterioration. Bitcoin’s continued upward momentum following the release would highlight its establishing its role as a proxy for macroeconomic liquidity conditions. Source: https://cryptoslate.com/insights/bitcoin-edges-towards-97000-as-us-labor-market-exceeds-job-growth-expectations/
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