The US economy added 187,000 jobs in July, falling short of the expected 200,000, according to the Bureau of Labor Statistics (BLS). Bitcoin's price slipped to $29,100 following the news.
According to a repot by CoinDesk, The US Bureau of Labor Statistics reported that 187,000 jobs were added in July, which missed the forecast of 200,000 and deviated from the downwardly revised 185,000 added in June. Previously, June's reported job gains were 209,000. In July, the unemployment rate decreased slightly to 3.5%, compared to forecasts of 3.6% and June's rate of 3.6%.
Bitcoin's price experienced a minor decline to $29,100 in the minutes following the news. This jobs report might indicate a cooling labor market after nearly 18 months of an aggressive US Federal Reserve rate hike cycle that saw the fed funds rate target rise from 0%-0.25% in March 2022 to its current 5.25%-5.50%.
Before the release of the disappointing job data, the market had only priced in a 20% chance of the Fed raising interest rates at its next policy meeting in mid-September. Investors and traders should keep an eye on economic indicators and the Federal Reserve's actions to understand the possible impact on the broader market, including cryptocurrencies.