Share this article
U.S. Adds 339K Jobs in May, Blowing Through Estimates for 195K; Bitcoin Steady at $27K
The strong print likely advances the case for the Fed to continue its string of rate hikes at its upcoming June meeting.
Updated Jun 2, 2023, 3:52 p.m. Published Jun 2, 2023, 12:35 p.m.
The U.S. economy added 339,000 jobs in May, according to a Friday morning report from the Bureau of Labor Statistics (BLS). That's ahead of an upwardly revised 294,000 jobs in April and sharply higher than economist forecasts for 195,000. April's job gain was originally reported at 253,000.
The unemployment rate rose to 3.7% versus 3.4% in April and against estimates for 3.5%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The price of bitcoin remained at just above $27,000 in the minutes following the BLS release.
In its fight to tame stubbornly high inflation, the U.S. Federal Reserve has embarked on an historic string of rate hikes since early 2022. Sharply higher rates, however, have barely dented the strong employment market, giving the central bank at least one reason to continue tightening monetary policy.
The Fed's Federal Open Market Committee (FOMC) meets next on June 13-14, and markets are divided on whether the central bank will again boost rates – a sharp change from just one month ago, when investors were nearly certain the Fed would pause in its rate hike cycle. That switch in attitude over the past few weeks has taken its toll on bitcoin, which tumbled from nearly $30,000 to the $27,000 level it was at just prior to this morning's data.
Checking more report details shows average hourly earnings up 0.3% in May versus April's 0.4% and expectations for 0.4%. On a year-over-year basis, average hourly earnings were ahead 4.3%, inline with expectations and down from 4.4% in April.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
