Wall Street expects that the non-farm payrolls in the United States will reach 50,000 in September, up from 22,000 in August. In addition, the unemployment rate in the United States is expected to remain unchanged at 4.3%. Due to the rise in employment and the significant decrease in the likelihood of a Fed rate cut in December, participants in the Crypto Assets market are on high alert, preparing to respond to market fluctuations.
The U.S. Bureau of Labor Statistics (BLS) will release the non-farm payroll and unemployment rate data for September on November 20. Since this is the first key employment data released after a 43-day government shutdown, the publication of this employment data may have a significant impact on Bitcoin prices and the trends in the Crypto Assets market.
Wall Street expects the non-farm payroll to rise by 50,000 in September, further confirming signs of weakness in the labor market. Over the past few months, the U.S. labor market has continued to weaken, but amid rising inflation concerns, Fed officials still have differing views on whether to cut interest rates again.
At the same time, the unemployment rate is expected to remain unchanged at 4.3%. The average hourly wage is also expected to rise by 0.3% this month, keeping the annual growth rate unchanged at 4.7%. If employment data shows a strengthening labor market, Bitcoin prices and the broader Crypto Assets market may retrace recent gains.
In addition, the employment report for October was canceled due to missing survey data caused by the longest government shutdown in history. The employment report for November is scheduled to be released on December 16. Previously, the U.S. Bureau of Labor Statistics (BLS) estimated that the number of new jobs added over the 12 months ending in March was about 910,000 less than previously reported.
Sung Won Sohn, a professor of finance and economics at Loyola Marymount University, told Reuters: “The labor market is clearly slowing down, and this trend is expected to continue. We will experience a period of bottoming out, but I don't think we will fall into a recession.” (CoinGape)
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