The U.S. Bureau of Labor Statistics reported March nonfarm payrolls increased by 178,000, topping expectations, while the unemployment rate stayed at 4.3%. The data triggered a sharp move in crypto markets: Bitcoin spiked past $67,000 then quickly dropped to around $66,850.
Healthcare and Construction Lead; February Revised Lower
Healthcare added 76,000 jobs, partly due to 35,000 returning doctors. Construction added 26,000, transportation and warehousing 21,000. Federal government jobs fell by 18,000. BLS revised January up to 160,000 but slashed February from -92,000 to -133,000.
Wages Up 3.5% YoY; Unemployment at 7.2 Million
Average hourly earnings rose $0.09 to $37.38, up 3.5% year-over-year, showing no runaway wage inflation. Total unemployed reached 7.2 million. Labor force participation was 61.9%, employment-population ratio 59.2%.
Crypto Volatility: BTC, Ether Reverse Gains
Bitcoin surged above $67,000 on the headline but gave back most gains, settling near $66,850. Ether also peaked at $2,080 before retreating. Traders are parsing mixed signals in the jobs data to gauge the Fed's rate path, fueling rapid long-short rotations.