Price Action
Bitcoin (BTC) and ether (ETH) both declined slightly on Friday, as investors digested the latest U.S. jobs report that showed the unemployment rate inched up slightly but not enough to change the tenor of the still hot labor market.

Bitcoin declined 1.1% on Friday, after popping 1% in the hour the U.S. jobs report. The largest cryptocurrency by market cap was recently trading at just below $20,000, up a few fractions of a percentage point over the last 24 hours but well within the range it has occupied for the past week. Year to date, the price of bitcoin is down 57%

Ether, the second-largest cryptocurrency by market cap, was recently trading at just under $1,600, up about a percentage point from the previous day. ETH was initially up about 2% after the release of the employment data. Ether is up about 3% over the last seven days and down 58% year to date.

Jobs growth slowed in August, with 315,000 jobs added, compared with 526,000 jobs added in July, although the total for August beat analysts’ estimates of a gain of 300,000. The unemployment rate rose to 3.7%, versus an expected 3.5% rate, although labor-force participation ticked up to 62.4% from 62.1% in July.

The U-6 unemployment rate, arguably a more comprehensive measure of unemployment, rose to 7% from 6.7%. The U-6 rate includes the unemployed and underemployed, as well as part-time workers who are marginally attached to the labor force, and attempts to account for those individuals overlooked by other labor indexes.

Historically, the U-6 rate is higher than the headline unemployment rate, because it takes more of the eligible labor force into account.

Manufacturing payrolls exceeded expectations with 22,000 new jobs versus an expected 18,000. Government payrolls increased by 7,000, down 85% from July’s increase and 65% lower than the expected 20,000. Average hourly earnings increased 5.2%, versus expectations of a 5.1% increase.
Source: Coindesk
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