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Data from nonfarm report from the Bureau of Labor Statistics show that employers added 390,000 jobs in May. The additions were a slower growth compared to April’s surge of 436,000 but surpassed estimates of 318,000.
Source: US Bureau of Statistics
BTCUSD is down 2.47%
The unemployment rate remained at 3.6% for the third consecutive month, beating the expectation for a decline by 3.5%. The highest was 14.8%.
The job gains in May reportedly show that there was no cooling in the labor market but failed to break a streak of 11 consecutive months of over 400,000. The hourly earnings jumped 0.3% in May, flat from April, and a 5.2% year-over-year increase.
Cryptocurrencies remain under a bearish momentum, with data showing that the Federal Reserve will keep tightening monetary policy, further dampening the risk appetite for the asset. BTC has continued its downward momentum since the release of the report, currently trading at $29,550.
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