According to the latest revisions by the Bureau of Labor Statistics, the U.S. added 818,000 less jobs than previously thought for the period from March 2023 to March 2024.
A weaker than thought economy leads to easier than expected Federal Reserve monetary policy leads to higher than otherwise bitcoin prices.
Goldman Sachs explained why the revisions themselves were as likely as the originally reported numbers to be erroneous, indicating the true monthly pace of jobs growth is likely to have been 200,000-240,000.
Bitcoin briefly knee-jerked higher by about 1% to as much as $60,000 as the data hit the tape, but quickly reversed, resuming its flat-to-downward price action.
#us-jobs-report #bitcoin-price-action #federal-reserve-policy #goldman-sachs #economic-data-revisions
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