Bitcoin remained relatively stable at around $27,900 immediately following the release of the Bureau of Labor Statistics report, which showed that the U.S. job market continued to exhibit strength. The report revealed the addition of 236,000 jobs in March, just slightly below the expected 239,000, and a decrease in the unemployment rate to 3.5% from February’s 3.6%, surpassing expectations of 3.6%. The job gain for February was also revised from 311,000 to 326,000. Despite the positive labor market data, bitcoin’s price was largely unchanged.
This report is the last one the Federal Reserve will review before its May 2-3 meeting, at which it will determine whether to maintain its year-long series of rate hikes or to pause tightening monetary policy. Prior to the report, short-term rate futures markets were anticipating a two-in-three chance of the Fed pausing in May. However, earlier data from this week had hinted at some weaknesses in the labor market, with ADP reporting only 145,000 private sector jobs added in March compared to the expected 210,000, and the Department of Labor reporting 228,000 initial jobless claims, surpassing expectations of 200,000. The previous week’s initial claims were also revised up to 246,000 from 192,000.
