US employment report shows 850,000 jobs added in June, beating expectations

The U.S. Labor Department announced on Friday that U.S. jobs increased by 850,000 in June, higher than the previous consensus expectation of 706,000.

The main question for markets and economists now is whether the positive June report will encourage the Fed to more quickly taper its monthly asset purchases. As the economy accelerates out of the pandemic, whether the Fed needs to scale back its stimulus to prevent inflation from overheating is currently sparking a fierce debate within the Fed.

Bitcoin prices have risen over the past year as many investors bet that the cryptocurrency can serve as a hedge against inflation. Assuming the tapering begins sooner, Bitcoin investors will no longer be able to count on the Fed to bring more liquidity to the market through quantitative easing and give investors more liquidity to invest in riskier assets.

The initial view was that the jobs report was not strong enough to change the Fed's course.

“In short, these data should not change anyone’s mind,” Ian Shepherdson, chief U.S. economist at forecasting firm Pantheon, wrote in a note to clients on Friday.

Bitcoin was trading around $33,373 on Friday, down 1% over the past 24 hours and little changed in the hours following the release of the jobs report at 8:30 a.m. ET.

The U.S. Labor Department's jobs report released on Friday showed the U.S. unemployment rate rose slightly to 5.9% from 5.8% in May.

The government revised its May employment data to 583,000 jobs, up from the initially reported 559,000 jobs (and falling short of the 671,000 jobs estimated at the time).

The U.S. has added an average of about 500,000 jobs per month since January 2021, and employment trends have been strengthening but somewhat unpredictable, making it difficult for economists to use data from any one month to infer future conditions.

The share of the U.S. population that was working or actively looking for work (the labor force participation rate) was unchanged in June from 61.6% in May.

The employment-to-population ratio, which is the ratio of employed people to the total working-age population, has changed little from month to month and is at 58%.

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