- U.S. labor market shows resilience as jobless claims for March 22 come in slightly below forecast amidst fears of economic pressures from global trade conflicts
- Bitcoin remains steady near $87,000 despite overshadowing trade war concerns, showing modest gains of 0.23% in 24 hours and 3.30% over the week
- March labor data signals slower-than-expected jobless growth, hinting at a strong finish to 2024 despite mounting fears of a recession
Amidst fears of a full-on recession as the U.S. economy braces for the impact of Trump’s tariffs retaliations, the American labor market became an immense concern as questions arise about whether the U.S. labor force can withstand the economic pressures mounting from global trade conflicts.
In that sense, the labor market appears to be more resilient than initially expected. Today, the U.S. Department of Labor revealed the data for initial jobless claims, revealing an interesting insight into the state of the workforce.
Overall, 224,000 Americans filed for unemployment for the week ending on March 22. The number came in a tad lower than the forecast of 225,000, revealing an unexpected resilience in the labor market despite ongoing economic uncertainties.
In fact, the entire month of March showed a slower-than-expected jobless growth signaling a strong finish to 2024.
Bitcoin Resilient Near $90k
The bullish data released on March 27th could have caused digital assets to gain some momentum during the day. However, any potential upswing in crypto was completely overshadowed by the looming cloud of an incoming trade war.
Differently from stocks, however, Bitcoin remained resilient near $87,000, boasting a modest 0.23% increase over the last 24 hours. At this time of writing, the world’s largest cryptocurrency trades at $86,978 — up by 3.30% over the week.
