Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report


The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve’s likelihood to start unwinding its stimulus program this year.

The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month’s 5.4%.

OUCH! US economy adds just 235,000 jobs vs 733k expected, slowest gain in 7mths amid Delta surge. At least prior mth revised higher to 1053k from 943k. The unemployment rate falls to 5.2% as expected. Average hourly earnings were above expectations, rose 0.6% MoM vs +0.3% exp. pic.twitter.com/gQJHLAb54Z

— Holger Zschaepitz (@Schuldensuehner) September 3, 2021Delta variant FUD behind Bitcoin pump?

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The hospitality and leisure sector saw no job gains in August,

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