Bitcoin at $29,200 as unemployment rate drops to 3.5%

The jobs and unemployment report for July indicates that the labor market has begun to cool down, in line with the Federal Reserve’s efforts to suppress inflation.

Earlier Dow Jones estimates predicted nonfarm payrolls to increase by 200,000, following a rise of 209,000 in June. They fell short of expectations, coming in at 187,000.

The unemployment rate was forecasted to remain steady at 3.6%. It met expectations, showing little change as it settled at 3.5% in July. As per the Bureau of Labor Statistics, the unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.

The S&P 500 showed little reaction, dropping around 0.15% following the release of the report.

Bitcoin broke above $29,200 on Coinbase after a choppy 24 hours.

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