US employment growth exceeds 199,000 in November, Bitcoin plummets | CoinDesk JAPAN

The US employment statistics for November, released on the 8th, recorded an increase of 199,000 jobs, which was higher than expected. The unemployment rate was also better than expected, falling to 3.7%.

Economists expected job growth to be 180,000, higher than October’s 150,000. The unemployment rate was expected to remain flat at 3.9%.

Bitcoin (BTC) price fell by about 0.5% in the few minutes after the announcement, to $43,500 (approximately 62.35 billion yen, equivalent to 145 yen to the dollar). Interest rates in traditional finance markets have soared, with the 10-year Treasury yield rising 8 basis points to 4.24%. U.S. stock index futures turned lower, with the Nasdaq 100 down 0.7%.

Bitcoin has soared 60% since early October, at least in part as investors worry the Federal Reserve will soon shift to accommodative monetary policy. There is a decline in interest rates due to expectations. If the latest employment report weakens expectations for lower interest rates, Bitcoin’s price rise could be temporarily halted or reversed slightly.

Looking at other data in the employment statistics, average hourly wages increased by 0.4%, compared to 0.2% last month and 0.3% expected. Compared to the same month last year, the average hourly wage increased by 4%, the same as the previous month’s value and expected value.

｜Translation and editing: Rinan Hayashi
｜Image: Shutterstock
｜Original text: Bitcoin Dips as US November Job Growth of 199K Tops Estimates