Crypto and Stock Prices Tumble on Friday As New Labor Report Reveals a Rising Unemployment Rate in the US
Crypto assets and the stock market tumbled on Friday after the U.S. Bureau of Labor Statistics (BLS) published a report that painted a gloomy picture of the American job market.
The BLS notes the US unemployment rate rose to 4.3% in July, its highest mark since October 2021.
There were some employment gains in healthcare, construction, and warehousing last month, but the information sector lost 20,000 jobs, according to the new report.
Overall, the total nonfarm payroll employment in the US went up by 114,000 jobs, significantly less than the 215,000 average monthly job gains over the previous 12 months.
Following the BLS announcement, Bitcoin (BTC) dipped below the $62,000 mark for the first time in nearly three weeks. The top-ranked crypto asset by market cap is trading at $61,458 at time of writing and is down nearly 5.5% in the past 24 hours.
Ethereum (ETH) fell below $3,000 for the first time since July 8th and is trading at $2,980 at time of writing. The second-ranked crypto asset is down nearly 6.5% in the past day.
Meanwhile, the overall crypto market cap tumbled by 5.8%, according to CoinGecko.
Stocks also had a bad day. The S&P 500 dropped 1.84% on Friday, the Nasdaq fell by 2.38% and the Dow Jones Industrial Average slipped by 1.21%.
Read the full monthly BLS report here.
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Author: Conor Devitt
