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U.S. Added 227K Jobs in November, Topping Estimates for 200K
Friday morning's jobs report is one of the last pieces of key economic data the Fed will see prior to its mid-December interest-rate decision.
Updated Dec 6, 2024, 1:46 p.m. Published Dec 6, 2024, 1:40 p.m.
What to know:
- U.S. added 227K jobs in November, more than the estimated 200K.
- Unemployment rate increases to 4.2%.
- Bitcoin rose slightly on the news to over $98,500.
The U.S. employment picture rebounded in November after weak data in October that was probably affected by hurricanes in the southeast.
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Nonfarm payrolls rose by 227,000 last month, according to the Bureau of Labor Statistics. Economist forecasts had been for a gain of 200,000 jobs. October's originally reported 12,000 job gain was revised higher to 36,000.
November's unemployment rate was 4.2% against estimates for 4.2% and October's 4.1%.
The price of rose to $98,445 in the minutes following the data.
Friday morning's jobs numbers are among the last pieces of key economic data the Federal Reserve will see before its Dec. 17-18 meeting. As recently as one month ago, market participants were nearly certain the U.S. central bank would continue to trim its benchmark fed funds interest rate range at that meeting, but strong economic numbers, continuing perky inflation signals, and cautious talk from Fed members have led to a modest reassessment of that thinking.
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According to CME FedWatch, traders prior to this jobs print had priced in a 70% chance of a 25 basis point December rate cut, down from 80% one month ago. After the U.S. jobs report, a 25 basis point rate cut is now priced at 88%.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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