Financial markets were on edge today as the U.S. released new nonfarm payroll and unemployment data, long considered a critical market mover. And Bitcoin was quick to react.
📊 Key Figures That Are Shaping the Market
The U.S. Department of Labor published the following numbers:
🔹 Unemployment rate: 4.2% (in line with expectations)
🔹 Nonfarm payrolls (NFP): +73,000 (vs. expected +110,000)
🔹 Private sector employment: +83,000 (expected +100,000)
🔹 Year-over-year wage growth: +3.9% (vs. 3.8% expected)
🔹 Monthly wage growth: +0.3% (as expected)
🔹 Labor force participation rate: 62.2% (slightly below the expected 62.3%)
🔹 Manufacturing employment: -11,000 (vs. -3,000 expected)
🔹 Average weekly hours worked: 34.3 hours (slightly above 34.2 forecast)
🔹 Broad unemployment rate (U-6): 7.9%
📉 Bitcoin Reacts as Markets Digest Mixed Data
While the numbers paint a mixed picture — with stronger-than-expected wage growth but weaker job creation — Bitcoin dipped slightly in the minutes following the release. Investors remain cautious as they gauge how the Federal Reserve might interpret slowing employment growth alongside persistent wage inflation.
🔍 Strong Labor Market, but Signs of Cooling
A key detail: June’s NFP numbers were revised upward, from 110,000 to 147,000, confirming that the U.S. labor market remains resilient — even as July shows a slight cooling.
🌍 Global Impact: Correlations Shifting
In 2024, U.S. jobs data had a strong correlation with European yields, but this relationship is now weakening. For 2-year eurozone bonds, the correlation has nearly vanished. However, UK markets — especially 10-year Gilts — remain more sensitive to U.S. Treasury movements than before.
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