Here's a summary of the latest data on ADP and unemployment claims:
#USDataImpact ADP Data
- ADP reported a significant miss, with 99,000 new jobs added in August, well below the 145,000 forecast. This is the smallest increase since January 2021.
- Previous data was revised down from 122,000 to 111,000.
- August saw 75,891 layoffs, the highest in five months and the most significant in a single month since 2009 (excluding the 2020 pandemic).
Unemployment Claims
- Initial jobless claims came in at 227,000, slightly below the 230,000 expectation but higher than the previous month's 231,000.
Impact on Federal Reserve and Market:
- The data suggests that the Federal Reserve may face more pressure to cut rates further, with a 50 basis point rate cut now having a 45% chance.
- #Bitcoin 's volatility, priced at $56,585.16, reflects the uncertainty in the market.
- Tomorrow’s Non-Farm Payrolls data will be crucial. A number below the 165,000 forecast could increase the likelihood of a 50 basis point cut, potentially impacting Bitcoin’s price volatility.
