In a positive sign for the labor market, US private payrolls for June beat expectations, indicating strength despite concerns of a possible recession due to rising interest rates. Reuters reported. Following the publication of the ADP report, the crypto market experienced a downturn with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) witnessing declines.
ADP Post-Market Crypto Report
The ADP National Employment Report released on Thursday revealed a significant increase of 497,000 private sector jobs, beating economists' predictions of a 228,000 increase. However, the May figures were revised down to show 267,000 jobs added instead of the previously reported 278,000.
After the release of the ADP national employment report, the crypto market experienced slight declines. Bitcoin (BTC) fell 1.21% to reach a price of $30,544.90, while Ethereum (ETH) fell 1.17% to reach $1,902.00. These minor recessions reflect the market's response to the report's findings. Higher-than-expected US jobs data may signal a potential interest rate hike by the US Federal Reserve.
Just a few hours ago, Bitcoin (BTC) achieved a significant milestone by hitting a new all-time high of $31,141.54 for this year.
โConsumer-facing service industries had a strong June, lining up to boost job creation more than expected. But wage growth continues to slow in these same industries, and hiring is likely to be peaking after a late-cycle surge.โ
โ Nela Richardson, Chief Economist, ADP
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About the ADP Report
The ADP report, developed in collaboration with the Stanford Digital Economy Lab, provides a preview of the labor market ahead of the more comprehensive employment report from the Bureau of Labor Statistics, scheduled for release on Friday.
It is worth noting that immediately after the release of the ADP report, the dollar index rose 0.3%, recovering a significant part of its previous losses.
Looking ahead, the next ADP National Employment Report for July 2023 will be released on August 2, 2023 at 8:15 am ET.
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