U.S. jobs rebound sharply in March, surprising markets — bitcoin mostly unfazed
The U.S. labor market bounced back in March, adding 178,000 jobs after a steeply revised loss of 133,000 in February, the Bureau of Labor Statistics said Friday. Economists had expected only about 60,000 new jobs. The unemployment rate eased to 4.3% from 4.4% a month earlier, versus consensus for 4.4%.
Part of the upside reflected a sizable downward revision to February’s figures — the prior report had shown a 92,000-job decline, now revised to a 133,000 loss — making March’s gain look even stronger by comparison.
Market moves were modest but meaningful. Bitcoin was trading quietly near the $67,000 area — around $66,899 in the minutes after the report — showing resilience even as traditional risk assets cooled. U.S. stock index futures were slightly lower (Nasdaq 100 down about 0.2%), while the 10-year Treasury yield climbed four basis points to 4.36%.
Interest-rate expectations have recently been driven less by domestic data and more by geopolitical tensions and oil-price swings. Last week’s crude surge pushed investors toward pricing in earlier Fed tightening, but Fed Chair Jerome Powell cautioned this week that oil shocks can raise headline inflation while also slowing economic activity, and the Fed won’t rush to hike rates in response to transitory oil moves.
Still, today’s stronger payrolls reading points to renewed economic momentum — a development that could reopen the conversation about rate hikes in 2026 if the strength persists. For crypto traders, the takeaway is familiar: stronger jobs and rising yields can pressure risk assets, but bitcoin’s relative stability today suggests traders are balancing macro signals with crypto-specific flows and narratives.
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