April’s job report showed the U.S. added 177K jobs, higher than expected.

The U.S. economy displayed strength in April as it added 177,000 jobs, surpassing analyst forecasts that predicted a gain of around 130,000. This growth is seen as a positive sign of resilience in the labor market despite global economic pressures.

The unemployment rate for April remained steady at 4.2%, matching expectations and reflecting the ongoing stability in the workforce.

However, in the wake of the jobs report, Bitcoin’s price saw a minor dip, dropping to $96,500 after a period of upward momentum. Traders are reassessing their outlook on potential Federal Reserve rate cuts, with the robust job numbers suggesting that the central bank may hold off on immediate action. Despite the short-term pullback, Bitcoin remains well above its $90,000 threshold, retaining its bullish trend overall.

U.S. stock markets, however, responded positively to the job growth, with S&P 500 and Nasdaq futures climbing around 0.7%, reflecting optimism from the labor market data. The report has fueled expectations that the Fed may be less inclined to reduce interest rates in the coming months.

In the bond market, the U.S. 10-year Treasury yield rose by 3 basis points, reaching 4.28%, indicating that market participants are adjusting their expectations in response to the positive labor report.

Average hourly earnings showed a 0.2% increase in April, below the expected 0.3% rise, while the year-over-year growth in wages held steady at 3.8%, matching the previous month’s pace.