Non-Farm Payrolls Data to Shape Fed Expectations Amid Rising Inflation Concerns
The upcoming non-farm payrolls data for August is expected to influence expectations surrounding the Federal Reserve's policy meeting in September. According to forecasts, the U.S. economy will have created approximately 56,000 jobs in August, following a surprise 23,000 job loss in July.
The rate of unemployment is anticipated to remain at 4.1%, with recent revisions indicating a less favorable view of the labor market. In fact, May and June saw a combined 103,000 fewer payrolls than initially thought.
New private sector jobs data from ADP reported that U.S. businesses created just 38,000 jobs in August, which was lower than anticipated. The employment report may impact the Fed's decisions ahead of the September 15-16 FOMC meeting, with economists suggesting a payroll gain of over 100,000 and stable or declining unemployment rates indicating a strong labor market.
Crypto analyst Michaël van de Poppe believes that Bitcoin has finished its latest correction just ahead of the non-farm payrolls report. He expects BTC to continue running towards $82,700, with prices currently trading around $77,900 and forming lower highs. Van de Poppe also suggests that Bitcoin's sideways trading may positively affect the entire crypto industry, leading to momentum shifts towards altcoins.