According to the Bureau of Labor Statistics’ (BLS) report released on Friday morning, 339,000 new jobs were added in the U.S. during May. This is higher than the upwardly revised 294,000 in April, and also significantly above economists’ forecasts of 195,000. Originally, April’s gain in jobs was reported as 253,000.

The unemployment rate increased to 3.7% from 3.4% in April, and against expectations of 3.5%.

In the minutes that followed the BLS, the price of bitcoin (BTC), remained just above $27,000.

The U.S. Federal Reserve, in its quest to curb stubbornly high inflation rates, has been announcing a series of historic rate increases since early 2022. The strong job market has not been affected by the sharply increased rates. This gives the central bank a reason to continue tightening its monetary policy.

Fed’s Federal Open Market Committee will meet on June 13-14. Markets are divided over whether the central banks will increase rates again. This is a dramatic change from a month ago when investors thought the Fed was going to pause its rate-hike cycle. This shift in sentiment over the last few weeks has had a negative impact on bitcoin. It fell from almost $30,000 to $27,000 just before this morning’s report.

If you look at the report in more detail, it shows that average hourly earnings were up 0.3% compared to April’s results of 0.4%. This is in line with expectations and 0.4% was reported for May. On an annual basis, the average hourly earnings increased by 4.3%. This was in line with expectations, but down from April’s 4.4%.