Bitcoin price rises along with stocks as Wall Street evaluates U.S. jobs data.
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The Bureau of Labor Statistics released better-than-expected data for November, showing U.S. employers added 199,000 jobs last month. This is an increase in job growth compared to October. This data can give Fed officials confidence that current monetary policy is on track to curb inflation without triggering a recession.
Bitcoin was up 1% at 11:30 a.m. ET. change hands For $43,900. The largest digital assets tended to show correlations with major stock indices, with the Dow Jones up 0.3%, the S&P 500 up 0.4% and the Nasdaq up 0.5% in morning trading.
The wage increase is not large
The U.S. unemployment rate fell from 3.9% to 3.7%, according to data from the Bureau of Labor Statistics.
The jobs report is giving investors more signals to help them predict the Fed’s moves in 2024. Importantly, this data does not show a significant increase in average hourly earnings. Wage increases can be interpreted as an inflation risk because they give businesses more room to raise prices.
Wages rose at an annual rate of 4% in November, slowing the pace of wage growth but still exceeding the 3% level that policymakers see as consistent with their 2% inflation target.
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