According to CoinDesk, the U.S. jobs market from 2023 to early 2024 was not as robust as initially reported, leading to a brief and modest increase in bitcoin prices during mid-morning U.S. trading.
The Bureau of Labor Statistics' latest revisions indicate that the U.S. added 818,000 fewer jobs than previously estimated for the period from March 2023 to March 2024. This adjustment means that job growth for that year was 2.1 million, down from the previously reported 2.9 million. The average monthly job growth was revised to 174,000 from the earlier figure of 242,000.
A high-level interpretation of this data suggests that a weaker-than-expected economy could lead to a more lenient Federal Reserve monetary policy, potentially resulting in higher bitcoin prices. However, Goldman Sachs had anticipated this significant downward adjustment and noted that the revisions might be as erroneous as the original numbers. The bank estimated the true monthly job growth to be between 200,000 and 240,000, which is considered acceptable for a growing economy.
Bitcoin briefly surged by about 1% to reach as much as $60,000 following the release of the data but quickly reversed its gains. At the time of reporting, bitcoin was trading at $59,300, down 0.4% over the past 24 hours.
