Key US Economic Events to Watch This Week Which Will Impact the Crypto Market
Cryptocurrency Market Hits New Highs, Tops $3.4 Trillion Altcoins outperform Bitcoin. This marks an important moment for the market. Major economic reports on U.S. employment, job applications, and manufacturing are set to be released this week, and all eyes are on how these events will impact the cryptocurrency space. These reports can influence market sentiment and potentially drive the value of Bitcoin and altcoins.
Important economic events in the United States this week
Cryptocurrency markets rallied last week after Donald Trump selected hedge fund expert Scott Bessant as Treasury secretary. Now, crypto markets are keeping a close eye on key U.S. economic data Set to be released this week.
December 2: ISM Manufacturing PMI Report
The November ISM Manufacturing PMI report will be released on Monday, December 2, and will shed light on U.S. manufacturing and overall economic trends. The euro fell to a 23-month low of $1.0336 following weak euro zone data.
With the US ISM index expected to rise slightly from 46.5 to 47.5, a weaker US dollar may prompt investors to move towards Bitcoin and other cryptocurrencies.
December 3: JOLTS job openings
On December 3, the U.S. Bureau of Labor Statistics will release the JOLTS report for October, showing job openings, layoffs and separations. Job openings have fallen steadily since March 2022, but rose to 8.4 million in August before falling to 7.44 million in September.
Meanwhile, the forecast for October rose slightly to 7.49 million as labor market trends remain critical to the Fed’s policy decisions.
December 4: National employment report
On December 4, the ADP National Employment Report will release private and public sector job growth in November. The October report surprised markets, adding only 12,000 jobs, well below expectations. Although hiring has been slowing, things improved in September, with 233,000 new positions added.
Earlier weak data heightened expectations for a rate cut from the Federal Reserve, keeping the market focused on this week’s report.
December 5: Unemployment claims report
The upcoming unemployment claims report on December 5 will provide new insights into the U.S. labor market. The number of people applying for unemployment benefits last week was 213,000, and is expected to increase slightly to 215,000.
While initial jobless claims are lower, continuing claims are rising, suggesting employers are retaining workers but those who have been laid off are having a hard time finding new jobs.
December 6: U.S. employment report
On Friday, December 6, all eyes will be on the November jobs report, which is expected to show more than 250,000 new jobs. The numbers will reflect the return of Boeing workers as well as recovery from Hurricane Milton.
Previously, weak PCE data suggested that the Federal Reserve may cut interest rates before its December 18 meeting.
In addition, the Michigan Consumer Confidence Index and preliminary December inflation expectations will be released on Friday, providing an overview of consumer confidence and long-term inflation views.
