The U.S. job market isn’t as strong as we thought. Recent updates from the Bureau of Labor Statistics show that the country added 818,000 fewer jobs than previously reported. This means that for the year from March 2023 to March 2024, job growth was actually 2.1 million, not 2.9 million as we once believed.
To break it down, that’s an average monthly growth of 174,000 jobs instead of 242,000. This change suggests that a weaker economy might lead to a more relaxed monetary policy from the Federal Reserve. In turn, this could push bitcoin prices higher.
However, Goldman Sachs warns us to be cautious. They think these revisions might be just as flawed as the original numbers. Their estimate for actual monthly job growth is between 200,000 and 240,000. This range is still considered healthy for a growing economy.
When the news hit, bitcoin jumped about 1%, reaching $60,000 briefly. But that didn’t last long. It quickly fell back into its recent pattern of flat to downward movement. As of now, bitcoin is trading at $59,300, which is a 0.4% drop over the last 24 hours.