The US economy added 165,000 jobs in October, while unemployment remained unchanged at 4.1%, according to the Bureau of Labor Statistics. Job growth was particularly strong in professional services, healthcare, transportation and warehousing, and the previous two months’ figures were revised upward by a combined 84,000 jobs. The data make a quick monetary easing less likely, although the Federal Reserve will base its decision on the full set of available information. Market commentary has linked Bitcoin’s weakness to shifting interest-rate expectations, but its decline cannot be attributed to a single cause. Upcoming inflation releases, employment revisions and Federal Reserve communications should provide further clues, without making it possible to determine the central bank’s next decision or Bitcoin’s future price on their own.
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