Bitcoin · Federal Reserve (FED) · Wall Street · CryptoSlate
May jobs report explained: Why 172,000 jobs means higher rates, pricier loans, and a Bitcoin drop
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The US economy added 172,000 jobs in May, more than double the 80,000 that Wall Street economists had expected, and the unemployment rate held at 4.3%.
Key facts
- The US economy added 172,000 jobs in May, more than double the 80,000 that Wall Street economists had expected, and the unemployment rate held at 4.3%
- This time the updates ran in the economy's favor, with April lifted by 64,000 to 179,000 and March raised by 29,000 to 214,000, which made the spring look like a sturdier stretch of hiring
- The Bureau of Labor Statistics (BLS) also revised March and April higher by a combined 93,000 positions, which left the spring looking much stronger than anyone believed a month ago
- The war with Iran drove oil prices sharply higher, and April CPI came in at 3.8% year over year, the highest reading since May 2023, with energy responsible for most of the jump
Summary
01 The US added 172,000 jobs in May, while unemployment held at 4.3% and prior months were revised higher. 02 That strength gives the Fed little reason to cut rates, keeping mortgages, credit cards, and car loans expensive. 03 Bitcoin fell toward $60,000 as traders priced out June cuts, with the Fed's June 16-17 meeting now in focus. The Bureau of Labor Statistics (BLS) also revised March and April higher by a combined 93,000 positions, which left the spring looking much stronger than anyone believed a month ago.