According to CryptoPotato, the final week of employment data before the Federal Reserve meeting on June 12 is underway. Investors are keenly observing several economic reports that will influence the Fed's future policy decisions. The job market reports due on Friday are of particular interest. Meanwhile, the crypto markets have seen minimal movement over the weekend for most digital assets.
The week started with the release of May's ISM Manufacturing PMI (Purchasing Managers' Index) report, which provides insights into the business conditions in the U.S. manufacturing sector. This data is a reliable leading indicator for assessing the state of the U.S. economy and can help anticipate changing economic trends. The services sector, contributing over 70% of the U.S. GDP, is considered more significant. On Wednesday, the May ISM Services PMI will be released, serving as another leading indicator of changes in economic conditions.
The week's key events include the release of ISM Manufacturing PMI data on Monday, JOLTs Job Openings data on Tuesday, ADP Nonfarm Employment data and ISM Non-Manufacturing PMI data on Wednesday, May S&P Global Services PMI data also on Wednesday, and the May Jobs Report on Friday.
Friday's Payrolls and Unemployment reports from the Labor Department's Bureau of Labor Statistics are the most significant. These reports provide the number of new jobs created during the previous month and the percentage of active employment seekers. Policymakers closely follow these figures, which are strongly associated with the overall health of the economy. The Fed also pays close attention to labor market changes when determining its policy decisions.
The Global Macro Investor commented, 'It will be key to see whether the US labor market continues cooling. Wall Street analysts expect 180,000 new jobs to be added and the unemployment rate to stay at 3.9%. Meanwhile, revised US labor market data already points to a recession.'
In the crypto market, it is unlikely that this week's employment and economic reports will significantly impact the markets, which are more closely affected by CPI inflation reports. The total market capitalization has remained steady over the past few days at $2.68 trillion. Bitcoin prices began to rise during the Monday morning Asian trading session, adding 1.4% on the day to reach $68,619. Ethereum recovered minor losses to return to $3,800, and the altcoins were mostly flat, with Toncoin adding 10% over the past 24 hours.