The United States Bureau of Statistics and Labour, BLS has released the long awaiting unemloyment rate. According to BLS, Total nonfarm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6 percent. Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information and in transportation and warehousing.
The Crypto market and the Stock market reacted immediately to this news. Bitcon decoupled from Stock market by making a bounce from around 19,000 to 20,000 while the stock market continued with the its downtrend.
Based on analysis of the rate released by BLS, 3.6% released by the Bureau is above the forecast of 3.4% which is bad for USD and the stock market at large. But the opposite reaction by Cryto market still raise wonders. But experts believes it is a “relief pump” and will still resume back to the bear market.
The number of jobless persons is a crucial predictor of the health of the economy as a whole, despite the fact that it is typically considered a lagging indicator since consumer spending is closely tied to labor-market circumstances. The country’s monetary policy makers also take unemployment into account heavily.
Below is a table showing previous rates released by the bureau;
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The chairman of the US central bank has issued a warning that policymakers may hike interest rates more quickly and significantly than initially anticipated in an effort to stabilize the market.
After the comments, which came only a few weeks before the bank is scheduled to make another rate announcement, US markets plummeted and the currency increased. Several experts had anticipated an additional 0.25 percentage point rise.