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Along with global markets, the eagerly awaited data for the cryptocurrency market was recently released. The Department of Labor shared the latest three critical data points regarding the US employment market.
Critical Data Released from the US: Positive Outlook
According to the data released by the US Department of Labor, Unemployment Claims were recorded at 233,000. Expectations were for the data to come in at 241,000. This data shows the number of individuals who applied for unemployment insurance in the past week and provides important clues about the future of the US economy.
The Unemployment Claims data is seen by investors as a short-term indicator of economic health. A downward trend indicates that employed individuals are more likely to spend, which has a positive effect on the US dollar and a negative impact on risky assets like the cryptocurrency market and stocks.
Additionally, Continuing Unemployment Claims were reported at 1.875 million. Expectations were for the data to come in at 1.870 million. The Continuing Unemployment Claims data shows the number of individuals continuously applying for unemployment insurance and is closely related to recession.
The 4-Week Average of Unemployment Claims, which smooths out the weekly fluctuations in unemployment applications to present a more balanced view, was reported at 240,075.
Data May Ease Recession Concerns
Last Friday, the Non-Farm Payroll data came in well below expectations, causing recession fears to peak for the US economy. This, combined with the Bank of Japan’s decision to raise interest rates, led to significant selling pressure on global markets and cryptocurrency markets. Bitcoin (BTC) fell to $48,800 on Monday, August 5, a day marked as a new “Black Monday” in history, while many altcoins, including Ethereum (ETH), lost over 10% in value.
Economists believe that the latest data on the US employment market will ease recession concerns. The data generally aligning with expectations can be interpreted as a signal of maintained stability in the US economy, which may bring short-term relief to the markets.
