Bitcoin (BTC) continues to trade sideways around $27,000 as new data shows better-than-expected US job numbers.
According to an economic press release according to the U.S. Bureau of Labor Statistics (BLS), payroll employment increased by 339,000 in May, despite the unemployment rate rising 0.3% to 3.7%.
“Total nonfarm employment on the payroll increased by 339,000 in May and the unemployment rate rose 0.3 percentage points to 3.7 percent, the U.S. Bureau of Labor Statistics reported today.
Job growth occurred in professional and business services, government, healthcare, construction, transportation and warehousing, and social assistance.
Katie Greifeld, an analyst and reporter for BloombergTV, say that job growth was much higher than estimated, but also points to labor market shortcomings in other categories, such as average hourly wages and rising unemployment.
“*US CAN INCREASE PAYROLL BY 339,000; EST. 195,000
but also
*US MAY INCREASE AVERAGE HOURLY INCOME BY 4.3% [year over year]; EST. +4.4%
*US UNEMPLOYMENT RATE MAY RISE TO 3.7% VS 3.4%”
In May, according to the BLS report, hundreds of thousands of people in the US completed temporary jobs or lost the job they already had, putting them out of work and offsetting last month’s declines.
“The number of job losers and those in temporary jobs increased by 318,000 to 3.0 million in May, offsetting a decline in the previous month.”
BTC is trading at $27,106 at the time of writing, a fractional increase over the past 24 hours.
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