Bitcoin (BTC) is surging past the $61,000 price level as new data reveals that unemployment is on the rise in the US.
According to a new economic news release from the U.S. Bureau of Labor Statistics (BLS), fewer-than-expected nonfarm jobs were added in the US during the month of April, contributing to the unemployment rate rising from 3.8% to 3.9%.
“Total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in social assistance, and in transportation and warehousing…
Among the major worker groups, the unemployment rate for adult men (3.6 percent) increased in April.”
However, the data also reveals that hourly wages for nonfarm workers are on the rise as the average hourly earnings increased by $0.07 during the month of April. Over the last year, their average hourly earnings have gone up nearly 4%.
Though the US was able to add 175,000 jobs during the month of April, it missed the mark as CNBC reports the Dow Jones consensus estimate was that about 240,000 jobs would be created.
News of the unemployment data coincided with the top crypto asset by market cap skyrocketing in price. The crypto king is trading for $61,428 at time of writing, a 3.6% increase during the last 24 hours. On January 23rd, BTC was valued at $39,833.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: DALLE3