In the third quarter, U.S. nonfarm businesses saw unit labor costs fall at a 0.7% annualized rate as productivity rose 3.6%, outpacing a 2.9% increase in hourly compensation. Unit labor costs nevertheless remained 2.4% higher year over year, so the easing in cost pressure is not necessarily durable. The Federal Reserve held its target range at 3.75% to 4.00% in a 10-2 vote, with some members favoring a quarter-point increase. For Bitcoin, a sustained decline in inflation and expected interest rates could reduce financing costs and ease pressure on the asset, while persistent inflation or upward revisions to labor costs could weigh on its price.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
