Bitcoin Approaches $97,000 as U.S. Job Market Surpasses Growth Projections

In April, the US labor market saw an increase of 177,000 jobs, surpassing the anticipated figure of 130,000, as detailed in the latest nonfarm payrolls report.

The unemployment rate held steady at 4.2%, aligning with predictions and marking a 17-month peak. Average hourly wages experienced a month-over-month rise of 0.3% and a year-over-year increase of 3.8%, indicating consistent wage growth.

Most job growth took place in the health care and transportation sectors, which gained 48,000 and 17,000 jobs, respectively. The manufacturing sector added 6,000 jobs, while employment in the federal government saw a reduction of 3,000 positions.

The labor force participation rate stayed at 62%. Revisions for earlier months resulted in a net decrease of 32,000 jobs from the first quarter, lowering the three-month average to 152,000.

The markets reacted with caution to this data. Bitcoin approached $97,000, seeing slight gains after the announcement before pulling back somewhat.

The cryptocurrency’s response mirrored broader market sentiments as equity futures experienced a slight uptick. S&P 500 futures gained about 0.3%, with bond yields also rising modestly in pre-market trading, as traders assessed the interplay between economic stability and policy anticipation.

Futures markets are still pricing in a possible interest rate cut later this year, although stronger labor statistics add complexity to these predictions.

The data from April does not provide a clear signal regarding recession risks or imminent adjustments in policy.

While hiring continues to exceed demographic replacement levels, the mixed performance across sectors and stable unemployment suggests that the labor market is gradually softening without experiencing rapid downturn.

Bitcoin’s sustained upward trend after the report suggests it is reinforcing its position as an indicator of overall macroeconomic liquidity conditions.