24/7 Cryptocurrency News

US Weekly Unemployment Declines As Inflation Remains Sticky; Crypto on Watch

The US jobless rate had decreased for a week, according to the weekly unemployment data that was made public on Thursday.
Published by
US Weekly Unemployment Declines As Inflation Remains Sticky; Crypto on Watch

Highlights

  • The weekly unemployment data released on Thursday showed that unemployment had declined in the US for a Week.
  • The weekly unemployment numbers came alongside the US PPI inflation data.
  • The depressing PPI statistics caused a decline in the price of Bitcoin.

The weekly unemployment data released on Thursday showed that unemployment had declined in the US for a Week. The data came in the backdrop of crucial PPI inflation data, which disappointed the markets overall. With the Fed’s interest rate decision due next week, markets will gauge investment decisions carefully now.

Advertisement

US Weekly Unemployment Numbers

The US Department of Labor (DOL) released weekly data on Thursday that indicated there were 209,000 new claims for unemployment benefits in the week ending March 9. This print came in better than the market expectation of 218,000 and follows the previous week’s revised print of 210,000 from 217,000.

Read Also: Tron Founder Justin Sun Fuels Ether Fi with Massive $480M ETH Deposit

Advertisement

PPI Inflation Comes More Than Expected

The weekly unemployment numbers came alongside the US PPI inflation data. Wholesale inflation saw a spike in February, according to US PPI inflation data that the Bureau of Labor Statistics issued on Friday. In February, the price at which raw materials are sold on the open market was measured by the PPI index, which came in at 0.6% instead of the 0.3% predicted by analysts. This is in contrast to a 0.3% rise in January as well.

The PPI inflation data is extremely important because the Fed will be meeting next week to discuss its upcoming March meeting. The PPI report released today is a key indicator for the impending Fed decision because it is a critical tool for understanding inflation and buying power. Investors have bet 99% that the Fed will hold interest rates steady at its upcoming meeting, according to the CME FedWatch Tool. Before this, market players anticipated that the Fed would cut its benchmark interest rate as early as March. But as inflation continues to remain stubborn, the possibility that the Fed will maintain higher interest rates for an extended period has solidified.

What Happened to Bitcoin?

The depressing PPI statistics caused a decline in the price of Bitcoin. The original cryptocurrency was down 0.5% at $72,702.40 at the time of writing. The volume of Bitcoin trades also decreased by 0.3% from the same period yesterday, to $43.9 billion. Lower interest rates typically dull the shine from government financial assets since they yield a lower rate of return on investment. This makes investors more willing to take on risk, which is good for the cryptocurrency markets.

Advertisement

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown in years after lawmakers failed to reach…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin

The official X account BNB Chain has been compromised, with recent posts promoting a meme…

October 1, 2025
  • 24/7 Cryptocurrency News

Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash

Trump-backed Thumzup Media has invested $2.5 million in DogeHash Technologies. This is in a bid…

October 1, 2025
  • 24/7 Cryptocurrency News

BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing

21Shares SUI and Polkadot ETFs were listed on the DTCC website. The listing indicates progress…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians

The U.S. Securities and Exchange Commission (SEC) has issued a new guidance. This allows investment…

October 1, 2025
  • 24/7 Cryptocurrency News

Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts

Federal Reserve Bank of Chicago President Austan Goolsbee has warned that inflation risks could outweigh…

October 1, 2025