Share this article
U.S. August Job Adds of 187K Vs Estimates for 170K; Unemployment Rate Rises to 3.8%
With spot bitcoin ETF aspirations sidelined after the SEC yesterday pushed off decisions on a raft of new applications, crypto bulls are hoping an employment slowdown and lower interest rates could provide a positive catalyst.
Updated Sep 1, 2023, 3:19 p.m. Published Sep 1, 2023, 12:36 p.m.
The U.S. added 187,000 jobs in August versus expectations for 170,000 and up from a downwardly revised 157,000 in July (revised from 187,000).
The unemployment rate for August was 3.8% versus forecasts for 3.5% and last month's 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 (BTC) was little-changed at just above $26,000 in the minutes following Friday morning's report from the Bureau of Labor Statistics. Traditional markets, however, are reacting, with U.S. stock index futures moving higher, while the greenback and Treasury yields slip lower.
It's been a rough week for bitcoin, which surged to above $28,000 Tuesday following Grayscale's court victory over the SEC in that company's quest to convert its Bitcoin Trust (GBTC) into a spot bitcoin ETF. As has been typical of rallies for several months now, bitcoin quickly began reversing those gains. The reversal turned into a full plunge on Thursday, with bitcoin falling more than 4% and below $26,000 as the SEC delayed making decisions on a multiple spot bitcoin ETF applications, including those from BlackRock and Fidelity.
With ETF hopes shelved for what could me many more months, bitcoin bulls might be looking to a softening in the economy and thus lower interest rates as a possible catalyst. While this morning's report provided some interest in the form of a rising unemployment rate and a downward revision to July's job additions, bitcoin, so far, is showing no positive reaction.
Checking other report details, average hourly earnings were higher by 0.2% in August against forecasts for 0.3% and down from 0.4% in July. On a year-over-year basis, average hourly earnings were up 4.3% in August versus forecasts for 4.4% and down from 4.4% in July.
The CME FedWatch Tool continues to show traders fully expecting the U.S. Federal Reserve to remain on hold at its September meeting. The odds of a rate hike at the early November meeting remain at about a one-in-three chance.
More For You
需要了解的:
- 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
U.S. added 64,000 jobs in November, with unemployment rate jumping to 4.6%
Combined with soft October data, this morning's data points to continued weakening in the labor market.
What to know:
- The U.S. added 64,000 jobs in November, while the unemployment rate rose to 4.6%.
- As for October, employment fell by 105,000 versus 119,000 jobs added in September.
- Both reports had been delayed to the U.S. government shutdown.
Top Stories
