US Labor Market Adds 172,000 Jobs in May, Long-term Unemployment on the Rise

The Bureau of Labor Statistics reported that the US economy added 172,000 nonfarm payroll jobs in May, outpacing economists' forecasts.

While the unemployment rate remained at 4.3%, a historically low level, long-term unemployment is increasing, with workers who have been jobless for 27 weeks or more seeing their numbers trend upward.

The strong labor market report may indicate that the Federal Reserve has less reason to cut interest rates, which could be negative for cryptocurrency prices.