U.S. Adds 253K Jobs in April, Topping Expectations for 180K
The Bureau of Labor Statistics (BLS) has released the report stating that the U.S. economy added 253,000 jobs in April, surpassing economists’ predicted 180,000 by a significant margin.
The unemployment rate dipped down to 3.4%, better than the estimated 3.6%, while the average job gain over the past three months is 222,000.
While the recent employment report demonstrates a slowdown in comparison to the previous months, the employment picture remains strong. This has given the Federal Reserve in the U.S. reason to continue to raise interest rates to bringing down inflation to its targeted rate of 2%.
The price of bitcoin (BTC) slipped by approximately 1% to $28,900 post this news, according to CoinDesk.
Checking other details from the April report, the average hourly earnings for the month were ahead 0.5%, higher than economists’ predicted 0.3%. On a year-over-year basis, average hourly earnings grew 4.4% in April compared to the previous month’s 4.3%.
While the results of Friday’s report are positive, the downward revisions to February and March resulted in a total of 149,000 job gains being lost from the previous two months’ reports. The data was revised downwards from 326,000 to 248,000 in February and 236,000 to 165,000 in March.
This report furthermore shows that the employment situation in the U.S remains strong even though there has been a slowdown. The gain of 2,22,000 new jobs over the past three months indicates consistency and stability in the employment market and, a strong employment market is essential for economic growth.
CoinDesk, a leading source of news and information on cryptocurrency, has frequently been monitoring the movement of Bitcoins, which dropped by 1% to $28,900 in the minutes following the news of the employment report.
The unemployment rate reached 3.4% in April 2023, and the economy of the United States added 253,000 jobs that month, exceeding the predicted expectations of 180,000. This information was made public by the Bureau of Labor Statistics. While there was a minor slowdown in comparison to the earlier months, the employment picture remains strong, according to CoinDesk. It means that the U.S. Federal Reserve plans to continue hiking interest rates in a bid to achieve a 2% target inflation rate, although it may pause its rate hike cycle going forward.
According to https://www.coindesk.com/markets/2023/05/05/us-adds-253k-jobs-in-april-topping-expectations-for-180k/
The material in this article is written on the basis of another article.