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The Defiant

Markets Rise As U.S. Unemployment Rate Ticks Up To 3.7%

Ether Is Up 3% After The 8:30 ET Release

By: Aleksandar Gilbert •  

Markets Rise As U.S. Unemployment Rate Ticks Up To 3.7%

Markets surged after the release of economic data Friday morning that suggests inflationary pressures may be easing in the United States.

The unemployment rate in the U.S. rose from 3.5% to 3.7% in August, according to the Labor Department, while employers added 315,000 jobs – fewer than the 526,000 they had added in July.

“Overall, the release paints a less rosy picture of the jobs market than previously illustrated, which could result in the Fed slowing or reversing its rate hiking trajectory should unemployment continue to rise,” crypto market maker GSR said in its daily market report.

Cryptocurrencies rose across the board, with Ether and Polkadot the biggest winners among the 10 largest digital assets.

Ether (ETH) is up 3% after the 8:30 ET release, while Polkadot has rallied 2.7%.

Stock markets cheered the news, with the S&P 500 and the tech-heavy Nasdaq Composite each gaining 1%.