Nearly a million jobs, 911,000 to be exact, were subtracted from the Current Employment Statistics (CES) national benchmark after a preliminary revision was conducted by the U.S. Bureau of Labor Statistics on Tuesday. Stock markets barely budged on the news, but bitcoin ( BTC) fell roughly 1.5% into $110K territory.
(Tuesday’s bombshell update is the largest downward preliminary revision of jobs data in at least 25 years / U.S. Bureau of Labor Statistics via The New York Times)
The preliminary benchmark revision measures the accuracy of monthly CES estimates, or lack thereof. The BLS reviews previous estimates from March of one year to the next then benchmarks them to data from the Quarterly Census of Employment and Wages (QCEW). Employment counts from the QCEW come from state unemployment insurance tax records filed by almost all employers. The preliminary revision is then updated, finalized, and eventually published in February of the following year as part of the official BLS Employment Situation.
Bitcoin.com reviewed all preliminary benchmark revisions up to the year 2000 and Tuesday’s figure of 911,000 represents the largest downward revision in that 25-year span. Last year’s estimate was another massive downward revision of 818,000 jobs, but the final number was significantly lower at 598,000. The highest final revision was in 2009 just as Barack Obama took office after George W. Bush’s presidency. That year, roughly 902,000 jobs were subtracted from the previous year’s employment data.
“Today, the BLS released the largest downward revision on record proving that President Trump was right: Biden’s economy was a disaster and the BLS is broken,” said White House Press Secretary Karoline Leavitt. “Much like the BLS has failed the American people, so has Jerome ‘Too Late’ Powell, who has officially run out of excuses and must cut the rates now.”
U.S. President Donald Trump fired former BLS Erika McEntarfer in early August. The president accused McEntarfer of manipulating jobs data to make his administration “look bad.” Over the past few days, bitcoin appears to have become more sensitive than stocks in its reaction to macroeconomic developments such as Tuesday’s employment announcement. The cryptocurrency has dipped after negative news, while equities continue rallying to all-time highs, even in the face of weak employment signals.
Bitcoin was priced at $111,147.80, down 1.12% according to Coinmarketcap at the time of reporting. The digital asset has been trading between $110,776.70 and $113,225.44 over the past 24 hours.
( Bitcoin price / Trading View)
Trading volume rose 15.97% since yesterday, reaching $45.85 billion at the time of writing. Market capitalization also fell by roughly 1% to $2.21 trillion, and so did bitcoin dominance, which eased to 58.18%, down 0.30% for the day.
( Bitcoin dominance / Trading View)
Total open interest for bitcoin futures was up 1.44% at $82.66 billion over 24 hours, according to Coinglass. Bitcoin liquidations also climbed to a total of $61.23 million for the day. Long liquidations of $47.37 million made up much of that figure, while shorts came in at $13.86 million.
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