Posted 12/8/2023, 3:45:00 PM
Strong Job Growth in November Sparks Concerns of Delayed Interest Rate Cuts
- U.S. added 199,000 jobs in November, beating expectations of 175,000 and indicating a strong job market
- Unemployment rate fell to 3.7% in November from 3.9% in October
- Strong job growth sparks fears Federal Reserve may not cut interest rates soon
- Bitcoin price remained steady despite positive jobs report, showing decreased correlation with macroeconomics
- Interest rates left unchanged at 5.25%-5.5% during November’s FOMC meeting, but future cuts now seem less likely