Bitcoin Increases in Value as the United States Employer Market Exceeds Expectations by Adding 311,000 Jobs in February

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Last Updated on March 10, 2023 by Bitfinsider

According to the Bureau of Labor Statistics’ Nonfarm Payrolls report, the United States gained 311,000 positions in February, exceeding economist estimates of 205,000. The jobless rate increased to 3.6%, exceeding forecasts of 3.4%.

The massive employment increase of 517,000 in January was revised down to 504,000.
After falling nearly 8% in the 24 hours leading up to Friday’s employment report, Bitcoin (BTC) is bouncing back slightly in the immediate aftermath, returning to just above $20,000 per coin.

This morning’s employment data, which is always closely watched, has taken on added significance in light of recent events. First, Federal Reserve Chairman Jerome Powell indicated earlier this week that the US central bank may need to be more active in tightening monetary policy in order to combat persistently high inflation. Then, on Wednesday evening, crypto-lender Silvergate Bank went bankrupt.

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