The U.S. economy demonstrated strong resilience in April, adding 177,000 jobs, far exceeding analysts’ expectations of 130,000. The Bureau of Labor Statistics report revealed that job growth continued to outpace predictions, signaling stability in the workforce despite broader global uncertainties.
The unemployment rate for April remained unchanged at 4.2%, a figure that matched both forecasts and the previous month’s rate, indicating steady employment conditions.
In reaction to the report, Bitcoin’s price experienced a modest pullback, falling to $96,400, after recent bullish momentum. Traders are now recalibrating their expectations regarding potential interest rate cuts by the Federal Reserve, with the stronger-than-expected jobs data reducing the likelihood of a rate reduction in the immediate future. Despite this dip, Bitcoin’s performance year-to-date remains strong.
Stock markets responded positively to the labor report, with S&P 500 and Nasdaq futures gaining around 0.6%, as investors expressed optimism over the job growth figures.
Following the jobs data, U.S. Treasury yields saw a slight uptick, with the 10-year Treasury yield rising by 4 basis points to 4.29%, reflecting an adjustment in market expectations for future Federal Reserve policy.
In terms of wages, average hourly earnings rose by 0.2% in April, slightly under the anticipated 0.3% increase, while year-over-year wage growth held steady at 3.8%, in line with the prior month’s figures.
