Breaking: U.S. Weekly Jobless Claims Decline To 192K; Bitcoin Price Fumbles

Initial jobless claims decreased to 192,000 in the week ending March 11, according to the latest data on the country’s unemployment growth from the U.S. Bureau of Labor Statistics. The number of claims is less than the 211K that was previously reported and also lesser than what analysts had anticipated. Around 205K was the monthly expectation set by the market.

Jobless Claims Take A Dip

The number of people in the United States who filed initial claims for unemployment benefits decreased by 20,000 over the course of the past year, bringing the total down to 192,000. This is yet another indication that the labor market continues to be tight, despite rising interest rates and forecasts of a recession.

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As it mulls over whether or not to raise interest rates the next week, the Federal Reserve is keeping a close eye on data pertaining to the labor market. After the failure of Silicon Valley Bank on Friday and the closing of Signature Bank on Sunday, the decision for the Fed chair has become even more challenging in recent days due to growing concerns of the U.S. banking crisis.

Fed’s Next Interest Rate Hikes

The Fed has found itself in an intricate position — having to fight inflation on one hand while preserving the stability of the financial system on the other. Instead of the 50 basis points that had been set in stone just a week ago, analysts now anticipate a rate increase of 25 basis points.

In minutes following the release of the news, the price of Bitcoin (BTC) marginally dropped and is presently exchanging hands at $24,695. This represents a decline of 0.33% over the past 1 hour, in contrast to a drop of 1.34% over the last 24 hours. With the headline number of 192,000 claims, the whole crypto market slid into the red zone as per Coingape’s crypto tracker.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.