Jobs Down, Bitcoin Up
The cryptocurrency almost crossed into $94K territory after a lackluster jobs report nudged up the odds of an interest rate cut by the Fed. Bitcoin Climbs on Weak Labor Data Private employers cut 32,000 jobs in November, according to human resources firm ADP in its latest jobs report, published Wednesday. But instead of sending markets lower, both bitcoin and stocks rose on the news. Part of the reason might have to do with how weaker employment is expected to increase the odds of a rate cut by the Federal Reserve next Wednesday. Read more:Irrational Pessimism: Have Bitcoin Investors Gone Mad？ The drop in private jobs came as a shock to many. Economists had predicted an increase of 40,000 positions. But instead, ADP‘s data shows small businesses bled approximately 120,000 roles. Medium and large employers added about 90,000 new employees but it wasn’t enough to compensate for the cuts by smaller firms. (Private employment fell by 32,000 jobs in November. Small businesses led the losses, which were partly compensated for by hiring increases at larger firms. ADP) “Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said Dr. Nela Richardson, ADP‘s chief economist. “And while November’s slowdown was broad-based, it
