Breaking: Bitcoin Dips After US Job Data Fuels Fed’s Rate-Cut Concerns

The most anticipated U.S. employment data this week showed that 272,000 jobs have been added in May, more than the market expectations. Meanwhile, the market was eagerly waiting for the jobs data for potential cues on the current health of the labor market. Notably, these sets of data plays are closely watched by the investors to understand the current economic health and decide on the policy rate prospects.

A Look Into The U.S. Jobs Data

According to Bureau Of Labor Statistics data, the U.S. added 272,000 jobs in May, after adding 175,000 jobs in the prior month. Notably, the unemployment rate soared to 4% from the prior month and was up from the market expectations of 3.9%.

On the other hand, U.S. hourly wages increased by 0.4% in May, after soaring 0.2% in the prior month. Notably, the investors were eagerly waiting for these job data for cues on potential rate cut decisions by the Federal Reserve.

Meanwhile, market experts have said that unexpectedly robust non-farm job data could have dampened the hopes of the Fed taking a dovish stance with their rate cut plans. Now, with the non-farm job data noting a strong increase might dampen the market sentiment. However, the higher unemployment data paints a contrasting picture to it.

Usually, the higher unemployment rate along with a lower non-farm payroll data tends to boost the market sentiment.

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