Strong U.S Job Market Growth Surpasses Analyst Expectations

• The United States supposedly gained 216,000 jobs in December as per data.
• Bitcoin price initially spiked but could not hold above the $44,000 mark.

According to the latest nonfarm payrolls statistics from the Bureau of Labor Statistics, the United States supposedly gained 216,000 jobs in December. The number of employment created in December was higher than the 199,00 positions added in November, according to the figures released on Friday.

More jobs were created in December, according to U.S. nonfarm payrolls statistics, which topped the anticipation of analysts surveyed by Reuters. December employment growth of 170,000 was below the average forecast by economists.

Stronger Than Expected Statistics

Unemployment remained constant at 3.7% according to the data. Contrarily, the market was anticipating a 0.10 gain, or 3.8%. The monthly labor force participation rate was 62.5%, reflecting a decline of 0.3% from the previous month.

The idea that the US economy would not be slowing down anytime soon is bolstered by stronger-than-expected statistics.

The U.S Federal Reserve may still have to emphasize the idea of maintaining rates a little longer than what the market has already priced in, given the strong job market. Based on the data provided by CME Group’s FedWatch Tool, the current chance of a March Fed rate decrease is around 65%.

Following the release of the employment report, the dollar rose slightly as the U.S. Dollar Index (DXY) surged beyond 103. In response to a higher dollar, U.S equities and the FTSE 100 fell. However, rumors surrounding the SEC’s approval of the Spot Bitcoin ETF mainly influenced the crypto markets, which remained range-bound. Bitcoin price initially spiked but could not hold above the $44,000 mark. At the time of writing, Bitcoin is trading at $43,551 as per data from CoinMarketCap.

Highlighted Crypto News Today:

Solana Price Rebounds Above $100 Post Recent Flash Selloff