U.S. Adds 236K Jobs in March Versus Forecasts for 239K

Bitcoin was little changed at $27,900 in the minutes following the roughly in-line report.

AccessTimeIconApr 7, 2023 at 12:38 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The U.S. jobs market continued to show signs of strength as the Bureau of Labor Statistics (BLS) reported the addition of 236,000 jobs in March versus economist forecasts for 239,000.

Alongside, the BLS reported the unemployment rate dipping to 3.5% from 3.6% in February and against expectations for 3.6%.

February's gain of 311,000 jobs was revised higher to 326,000.

The price of bitcoin (BTC) was steady at about $27,000 in the immediate aftermath of the report.

Friday morning's payrolls report is the final one before the U.S. Federal Reserve's Federal Open Market Committee's May 2-3 meeting. At that point the central bank will decide whether to continue tightening monetary policy or pausing its long series of rate hikes. Ahead of the report, short-term rate futures markets were pricing in about a two-in-three chance the Fed would pause rate hikes in May.

Data from earlier this week began to hint at some weakness in the labor market, with ADP on Wednesday reporting just 145,000 private-sector jobs added in March versus 210,000 expected. Then on Thursday, the Department of Labor reported weekly initial jobless claims of 228,000 against forecasts for just 200,000. In addition, the previous week's 192,000 initial claims was revised up to 246,000.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.