U.S. Adds 253K Jobs in April, Topping Expectations for 180K; Bitcoin Falls

The unemployment rate fell to 3.4% versus forecasts for a slight rise to 3.6%.

AccessTimeIconMay 5, 2023 at 12:37 p.m. UTC
Updated Mar 8, 2024 at 4:55 p.m. UTC

The U.S. added 253,000 jobs in April, up from a downwardly revised 165,000 in March and ahead of economist forecasts for 180,000, according to a report from the Bureau of Labor Statistics (BLS).

The unemployment rate was 3.4%, down from 3.5% in March and against expectations for 3.6%.

The price of bitcoin (BTC) fell about 1% to $28,900 in the minutes following the news.

Though slowing modestly in recent months, the employment picture has remained strong, giving the U.S. Federal Reserve reason to continue to hike interest rates to try and bring inflation down to its 2% target. At its meeting earlier this week, the Fed raised the benchmark fed funds for a 10th consecutive time – bringing the targeted range to 5.0%-5.25% – but signaled it might pause rate hikes.

While Friday morning's headline jobs number is a strong one, downward revisions to February (to 248,000 from 326,000) and March (to 165,000 from 236,000) knocked a total of 149,000 in gains from those two reports. The average job gain over the past three months is 222,000.

Checking other details from the April report shows average hourly earnings ahead 0.5% for the month, up from 0.3% in March and higher than 0.3% forecast. On a year-over-year basis, average hourly earnings were up 4.4% in April versus 4.3% in March and against expectations for 4.2%.

Edited by Stephen Alpher.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

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