The latest weekly labor market data came in above economists’ expectations, with initial claims increasing from the prior week’s revised 199,000.
U.S. initial jobless claims rose to 211,000, according to the latest weekly report, exceeding the 205,000 estimate and up from 199,000 previously. The data suggests a modest softening in the U.S. labor market, a closely watched indicator that can influence expectations for Federal Reserve (U.S. central bank) policy and risk assets, including Bitcoin and other cryptocurrencies.