Cryptocurrency markets have been highly sensitive to macroeconomic developments for a long time, and the JOLTS data was significant. The recently released figures are crucial for the Fed, which is constrained by poor employment data. The interest rate decision on September 18 will be shaped by this week’s employment data.
US JOLTS Data Released
This report on open job opportunities is prepared by the Bureau of Labor Statistics. The monthly report on the status of employees in commercial, industrial, and office sectors tells us about the state of employment. With the unemployment rate rising and employment data significantly revised downward for previous months, the upcoming figures were eagerly awaited.
The expectation for the JOLTS data was 8.1 million. The previous month’s data was announced as 8.184 million. Just before the data was released, BTC was trading at $56,377, and according to the FedWatch tool, the market expectation for this month’s meeting was a 25bp cut.
The data came in significantly below expectations at 7.673 million, and BTC fell to $56,200. Extremely poor data can have two outcomes. Either the US is entering a recession, causing risk markets to decline, or the Fed will try to boost risk markets and employment with aggressive rate cuts. For now, we can say the data is positive, but we must remember that other data coming this week, such as non-farm employment and the unemployment rate, will also be highly decisive.
