U.S. adds 172,000 jobs in May, nearly double forecasts, strengthening case for Fed rate hikes
The U.S. economy added 172,000 jobs in May, nearly double economists' expectations, with the unemployment rate holding steady at 4.3%. The strong jobs report strengthens the case for Federal Reserve rate hikes this year. Financial markets reacted with Bitcoin falling below $62,000, the 10-year Treasury yield jumping to 4.52%, and U.S. equity index futures declining. Oil prices also edged lower to $94 per barrel.
Key quotes
The U.S. economy added 172,000 jobs in May, nearly double economists' expectations, strengthening the case for Federal Reserve rate hikes this year.
The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
Bitcoin BTC$61,029.54 remained under pressure following the report, trading below $62,000 as the broader crypto market nursed steep overnight declines.
The 10-year Treasury yield jumped to 4.52% following the report.
Bitcoin is now facing another headwind — the prospect of higher interest rates.
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