Bitcoin Eyes Non-Farm Payrolls Data, Will It Ease Fed Rate Hike Worries?

Bitcoin traders are now eyeing a pivotal economic release of the month. The report of nonfarm payrolls for August is expected to be released on Sept. by the U.S. Bureau of Labor Statistics. 4. The numbers will shape expectations for the Federal Reserve’s Sept. policy meeting. Oil prices have also been on the rise, adding to inflation concerns, and markets are also looking at recent hawkish comments from Fed Chair Kevin Warsh.

Latest Jobs Report In Focus For Bitcoin, Crypto Market

Economists predict the U.S. economy will have created about 56,000 jobs in August. It would come after a surprise 23,000 jobs were lost in July. The rate of unemployment is expected to remain at 4.1%. Despite the forecasts being met, the level of employment would still be significantly lower than over the last few years.

Recent revisions have also left a less rosy view of the labor market. Combined, May and June had 103,000 fewer payrolls. The labor force participation rate stayed at 61.4% in July and average hourly earnings rose 3.2% from a year before.

New private sector jobs data also signaled weakness in jobs growth. U.S. businesses created just 38,000 jobs in August, ADP reported. The reading was lower than anticipated and the smallest monthly rise since January. Educational and health related occupations recorded the highest growth in employment, whereas manufacturing and professional occupations suffered declines.