The U.S. labor market came in much stronger than expected in March. Data released Friday by the Bureau of Labor Statistics showed 178,000 jobs were added, following a 133,000 decline in the previous month. Economists had been looking for just 60,000 new jobs.
The unemployment rate edged down to 4.3% from 4.4% in February, also below expectations for 4.4%. Part of the surprise came from a sharp revision to February data, which had originally been reported as a drop of 92,000 jobs.
Bitcoin stays near $67,000 after the release
Bitcoin was trading close to $67,000 in the hours before the report. In the minutes right after the data hit, BTC remained around the same level, showing little immediate reaction. Rate markets moved more clearly than crypto did.
U.S. stock index futures stayed modestly lower, with Nasdaq 100 futures down 0.2%. The yield on the 10-year U.S. Treasury rose four basis points to 4.36%.
Oil and Middle East risks still shape rate expectations
The source noted that recent market thinking on interest rates has been driven more by developments in the Middle East and by crude prices than by the domestic growth outlook alone. As recently as last week, a jump in oil had pushed markets to price in the possibility of near-term Federal Reserve rate hikes.
Earlier this week, Fed Chair Jerome Powell said the central bank recognized that oil shocks can lift headline inflation at first while also weighing on economic activity. His message was that the Fed would not rush to raise rates because of short-term moves in crude. After Friday’s jobs report, that debate shifted again, with the strong payroll number suggesting firmer economic momentum and putting 2026 rate hikes back into the conversation.