The US labor market refuses to cool down. Job openings held steady at 7.6 million in May, according to the Bureau of Labor Statistics’ latest JOLTS report released June 30, while nonfarm payrolls surged by 172,000, roughly double the 85,000 that economists had penciled in.
For crypto markets, the message was immediate and unfriendly. Bitcoin slid to approximately $61,900 following the release.
The numbers tell a clear story
The May JOLTS data showed a job openings rate of 4.6%, essentially flat compared to April’s 7.618 million figure.
The unemployment rate stayed pinned at 4.3%, unchanged from the prior month.
