The U.S. Bureau of Labor Statistics (BLS) released data from the Job Openings and Labor Turnover Survey (JOLTS) for last November, showing that the number of job openings reached 8.09 million, higher than economists' forecast of 7.7 million. The job opening rate rose to 4.8% in November, while the resignation rate declined, with the number of employees voluntarily leaving their jobs decreasing from 3.28 million in October to 3.06 million. This stronger-than-expected employment market report has renewed market expectations that the Fed will maintain its current interest rate policy, triggering sell-offs and price declines in risk assets.
Job openings increased mainly in small businesses, with the professional and business services sector adding 273,000 positions, the financial and insurance sector adding 105,000, and the private educational services sector adding 38,800. However, the software technology industry saw a decrease of 89,000 job openings, which was better than market expectations. Despite the rise in job openings, employers remain cautious in the post-pandemic hiring surge. Economists believe that businesses may be waiting to see the direction of Trump's policies after taking office, including plans for tax cuts, increased import tariffs, and the expulsion of illegal immigrants.
This caused Bitcoin to break the $100,000 mark yesterday, but it only lasted for about 24 hours before quickly falling back. Bitcoin reached a high of nearly $103,000 amid a wave of increased investment from many companies and institutional investors pulling back their funds. However, the bullish momentum could not be sustained, coinciding with the release of the employment report showing better-than-expected job growth, leading to a gradual price decline, ultimately dropping to the $97,000 range.