According to the Bureau of Labor Statistics, the U.S. has added 253,000 new jobs in April. This is up from 165,000 newly created jobs in March, which was revised downwards, and above economist expectations of 180,000.

The unemployment rate fell to 3.4% from 3.5% in march and was lower than the 3.6% expected.

In the minutes that followed the news, the price of bitcoin (BTC), fell by about 1% and reached $28,900.

The employment situation has been strong despite a modest slowdown in recent months. This gives the U.S. Federal Reserve a reason to keep raising interest rates. They want to bring inflation to their 2% target. The Fed increased the fed funds benchmark for the 10th time in a row at its meeting this week. This brings the target range to 5,0%-5.25%. However, it indicated that rate hikes might be paused.

Although Friday’s headline job number was strong, revisions downward to February (to 248k from 326,000), and March (165,000 from 236,000), knocked 149,000 gains out of these two reports. The average gain in jobs over the last three months has been 222,000.

Other details in the report for April show that average hourly earnings were 0.5% higher than expected. This is up from 0.3% and 0.3% respectively. In April, the average hourly earnings increased 4.4% compared to March’s 4.3% and against expectations of 4.2%.

Stephen Alpher edited the book.