Bitcoin News (BTC): Jobs Growth Slowed Further in May
U.S. labor market growth continued to modestly slow in May, but not enough to force a rise in the unemployment rate.
Nonfarm payrolls grew 139,000 last month, according to the a report Friday from the Bureau of Labor Statistics. Economist forecasts called for gains of 130,000 and April's job growth was 147,000 (revised from an originally reported 177,000).
The unemployment rate for May was 4.2% against expectations for 4.2% and April's 4.2%.
In the midst of a strong rebound following yesterday's sharp declines, the price of bitcoin
Always a closely-followed print, the May payrolls data was of particular import this time around as a string of economic reports this week pointed to growing economic weakness. Among them were the slowest ADP jobs growth in more than two years, ISM Services slipping into levels suggesting economic contraction and a rise in initial jobless claims to the highest level since October.
Nearing 4.50% as the week began, the 10-year U.S. Treasury yield slipped to as low as 4.32% and the odds of a summer Fed rate cut(s) had risen appreciably ahead of this morning's report. In the minutes after the print, the 10-year yield shot back up to 4.44% and the odds of a July Fed rate cut tumbled to just 16% from 30%, according to CME FedWatch.
Looking further out, the odds of one or more rate cuts by the Fed's September meeting fell to 65% from 75%.
U.S. stock index futures added to earlier gains, the Nasdaq ahead 0.8% and S&P 500 0.75%.
Checking other report details, average hourly earnings rose 0.4% in May against estimates for 0.3% and April's 0.2%. On a year-over-year basis, average hourly earnings were higher by 3.9% versus forecasts for 3.7% and April's 3.9%.
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