The U.S. employment market rebounded in a big way from February's sizable losses.
According to a Friday morning release from the Bureau of Labor Statistics, the country added 178,000 jobs in March, after losing 133,000 positions the previous month. Economist forecasts had been for 60,000 jobs to have been added.
The unemployment rate fell to 4.3% versus 4.4% in February and expectations for 4.4%.
At least part of the beat was due to a sizable downward revision in the February data from an originally reported decline of 92,000.
Trading quietly near the $67,000 level in the hours ahead of the data, bitcoin remained there in the minutes just following the report.
Expectations about the future course of interest rates, of late, have been far more influenced by events in the Middle East and the price of crude oil than by the outlook for domestic economic growth.
As recently as last week, oil's surging price had markets forecasting imminent rate hikes by the U.S. Federal Reserve. Speaking earlier this week, though, Fed Chairman Jerome Powell said the central bank recognized that oil price shocks — while initially making headline inflation numbers look worse — can depress economic activity. He indicated the Fed would be in no hurry to raise rates in response to short-term moves in the price of crude.
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