The US Bureau of Labor Statistics reported Friday that employers added 216,000 jobs in December, causing a muted response in crypto markets ahead of an anticipated Bitcoin exchange-traded fund (ETF) approval. The unemployment rate remained at 3.7%, while average hourly earnings rose 0.4% monthly.

Labor force participants clocked 34.3 weekly hours, compared to 34.4 in November. Average hourly earnings rose 4.1% yearly, while the labor force participation rate dropped slightly from 62.8% to 62.5%.

Nonfarm Payrolls Rise Before Bitcoin ETF Deadline

The number of new jobs beat the 170,000 estimate expected by economists. Last month, the US economy added 196,000 new jobs. 

The number of new jobs cuts the chances that the Fed will soon drop interest rates. While inflation edges toward the Fed’s 2% goal, cutting rates before optimal job conditions are reached could cause higher wage growth.

Higher wage growth drives inflation because

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Author: David Thomas

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