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Deythere > News > News > Three Critical U.S. Economic Data Points Released: What It Means for the Crypto Market
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Three Critical U.S. Economic Data Points Released: What It Means for the Crypto Market

non farm payroll data and its impact on the market. The image should feature economic elements such as a chart or graph s
Milena Volodina
Last updated: October 4, 2024 2:12 pm
By
Milena Volodina
Published October 4, 2024
3 Min Read
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As the crypto market continues to react to macroeconomic developments, the highly anticipated U.S. economic data for September has been released. The figures for average hourly earnings, non-farm payrolls, and the unemployment rate were eagerly awaited by global and crypto investors alike. The standout figure was the significant rise in non-farm payrolls, which surpassed expectations. These results indicate that the U.S. economy ended the third quarter on a strong note. The data could lead to a strengthening of the U.S. dollar and reshape market expectations.

Contents
  • Surprising Increase in Average Hourly Earnings
  • Non-Farm Payrolls and Unemployment Rate Show Strong Growth
  • Impact on Markets and the U.S. Dollar

Surprising Increase in Average Hourly Earnings

September saw a notable rise in average hourly earnings in the U.S., with the figure coming in at 0.4%. Market expectations had been for a 0.3% increase, in line with the previous month’s figure of 0.4%.

Average hourly earnings are a key indicator of inflation, reflecting the rate at which wages are rising. This uptick in wages could signal higher consumer prices, which would have a positive effect on the U.S. dollar. As companies face higher human resource costs, inflationary pressures are likely to increase.

representing the impact of U.S. economic data on the crypto market. The image should feature symbols of Bitcoin and the U.S. dollar w

Non-Farm Payrolls and Unemployment Rate Show Strong Growth

The U.S. non-farm payroll data for September delivered a major surprise. The figure jumped to 254,000, significantly higher than the expected 147,000 and well above the previous month’s 142,000. Non-farm payrolls are a critical indicator of economic health and are seen as a strong gauge of economic growth. This unexpected rise points to increased consumption and a strengthening labor market.

Another key data point, the unemployment rate, also came in better than expected. The September unemployment rate dropped to 4.1%, beating the market expectation of 4.2%. This decline from the previous month’s 4.2% indicates ongoing recovery in the economy, with more people finding jobs, which in turn boosts consumer spending and overall economic growth.

Impact on Markets and the U.S. Dollar

The positive U.S. economic data is expected to strengthen the U.S. dollar and create significant movement across global markets, including the crypto market. The favorable data could also play a key role in shaping the Federal Reserve’s monetary policy in the coming months. With the economy showing signs of robust growth, the Fed may adjust its stance accordingly.

U.S. dollar, non-farm payrolls, unemployment rate, crypto market, inflation

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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