At 20:30, the United States released its initial jobless claims data report for the week, which showed labor productivity growth and increase in unit labor costs, both indicating economic burden. The key points of the report are as follows:
1. Although economic growth slowed down a bit in the first three months of this year, labor productivity surged by 3.78% in the second quarter, exceeding market expectations of 2.2%. This is the largest increase in the past three years!
2. Although unit labor costs fell by 3.3% last quarter, they fell by 1.6% in the second quarter, which helped resist rising labor costs.
3. So far, the labor market for early applications this year still remains at a low of 194,000 to 265,000. Part of the reason is that the data adjustment last week was a bit troublesome.
4. A report from a financial blog called "Zero Hedge" shows that although employment in the manufacturing industry has declined, employment in the service industry continues to grow. And, despite the Federal Reserve tightening policy over the past year, the labor market remains strong.
In short, these data prove that the U.S. economy is performing very well despite the pandemic and the Fed's policy adjustments. The strong labor market and the improvement in labor and unit labor costs have given people more confidence in the U.S. economy. Although there will still be some challenges, such as employment fluctuations and growth problems in some regions, overall, the U.S. economy is very strong and predictable. So tonight in the cryptocurrency market, we are still optimistic and will mainly buy more Bitcoin.
