Bitcoin fell sharply on September 4 after the US August jobs report showed employers added 162,000 positions, nearly three times consensus expectations of roughly 55,000 to 58,000. BTC dropped about $2,000 to $79,200 after briefly trading above $81,000, as the stronger labor data shifted attention back toward the Federal Reserve’s rate outlook.
The unemployment rate held at 4.1%, while July payrolls were revised from a previously reported loss of 23,000 jobs to a gain of 21,000. Average hourly earnings rose 0.3% from July and 3.1% from a year earlier, adding to evidence that the labor market remains firmer than economists expected and reducing one argument for keeping monetary policy unchanged.
The report does not ensure a September rate increase, with inflation still central to the Fed’s decision-making. Markets will now focus on next week’s consumer price data for another signal on whether policymakers could tighten rates, while Bitcoin traders assess the immediate impact of the stronger-than-expected labor figures.
Source: CNN.
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