Last week, the White House accepted for review a proposal from the Department of Labor to allow cryptocurrencies in 401(k) retirement plans.

The Office of Information and Regulatory Affairs (OIRA) has already assessed the proposal and classified it as “economically significant.”

With the acceptance for review, a 60-day public comment period begins. This would be followed by an executive order from President Donald Trump on August 7, 2025, which would “urge federal agencies to expand access to alternative assets, including crypto assets, in 401(k) plans.”

By the end of September last year, the country’s retirement market reached a record $48.1 trillion in financial assets. “Meanwhile, states like Indiana are advancing their own initiatives to include crypto assets.”

Specifically, the state passed a law “that will require certain state plans to offer a cryptocurrency investment option by July 1, 2027. This would allow its citizens to include Bitcoin and other digital assets in their retirement portfolios for the first time.”

Although the U.S. government maintains a cautious stance regarding the use of cryptocurrencies in the retirement sector, it is currently showing greater openness, betting on positive results.

M.Pino

Source: bitcoin.es

(Reference image source: Jonathan Borba on Unsplash)

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La entrada The White House could allow cryptocurrencies in retirement plans apareció primero en Bitfinance.

The US economy generated 209,000 new non-agricultural jobs during the month of June, a figure lower than the 306,000 new jobs created in May and below market consensus expectations, although the unemployment rate fell by one tenth, up to 3.6%, according to data published by the Labor Department.

Thus, despite the fact that the US labor market continues to show signs of strength and has created jobs for 30 consecutive months, the data for the month of June represents the lowest number of new jobs since December 2020, which suggests that the The tightening of the Federal Reserve’s monetary policy is beginning to have an effect on hiring as well.

Likewise, the Labor Department reported that it has revised downward the employment data for the previous two months, lowering the data for April by 77,000 jobs, from 294,000 to 217,000, and that for May by 33,000, from 339,000 to 306,000. With these revisions, employment in April and May combined is 110,000lower than previously reported.

In the case of the unemployment rate, the data stood at 3.6% in June, compared to 3.7% the previous month. Thus, the US unemployment rate has fluctuated between 3.4% and 3.7% since March 2022.

The number of unemployed reached 5.95 million in June, compared to 6.097 million the previous month, including 1.1 million long-term unemployed (those without work for 27 weeks or more), which represented 18.5% of the total number of unemployed.

On its side, the number of people employed part-time for economic reasons increased by 452,000 to 4.2 million in June. Likewise, the labor force participation rate stood at 62.6% for the fourth consecutive month.

Source: dpa

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La entrada The US created 209,000 jobs in June, the lowest number since 2020 apareció primero en Bitfinance.

The unemployment rate in the United States rose three tenths in May, up to 3.7 %, despite the fact that 339,000 new jobs were created, according to data published by the Labor Department.

However, the unemployment rate in the US still remains within the range of 3.4 % and 3.7 % in which it has been fluctuating since March 2022.

The total number of unemployed reached 6.1 million people after adding 440,000 new people to the unemployment lists. In particular, those unemployed for less than five weeks grew by 217,000, to 2.08 million, and those without work for 15 to 26 weeks, which added 179,000 more people to account for a total of 858,000.

The long-term unemployed (more than 27 weeks without a job) remained “basically unchanged” at 1.2 million, while those without a job for 5 to 14 weeks lightened their figure, to 1.87 million after falling in 50,000.

In the fifth month of 2023, employment continued to show an upward trend in professional and business services, services, public employment, construction, transportation and storage, and social assistance.

The number of people employed part-time for economic reasons held at around 3.74 million in May, while the labor force participation rate was 62.6 %, unchanged.

Source: dpa

(Reference image source: Joyce Romero, Unsplash)

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La entrada US unemployment rate rose three tenths in May apareció primero en Bitfinance.

The president of the United States, Joe Biden, appointed Julie Su as successor to Marty Walsh, who announced two weeks ago his resignation as the North American country’s labor minister to assume the executive direction of the National Hockey League Players Association.

Hers, who has worked as number two in the Labor Department since 2021, will lead the portfolio, the White House said, noting that she will become the first person of Asian descent to be part of Biden’s Cabinet.

The appointment, which comes after what is the first departure of a Biden minister from the government, comes at a crucial time for the United States economy.

Hers will become in charge of transmitting the economic policies of the Biden Administration, with the aim of “stabilizing” and “reinforcing” labor rights as fears of a recession increase.

Biden praised hers, emphasizing her “experience as a leader,” while qualifying that she seeks to “build a stronger, more resilient economy that allows Americans to be compensated equitably for their work.”

K. Tovar

Source: LATimes

(Reference image source: AP News)

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La entrada Julie Su was appointed US Minister of Labor apareció primero en Bitfinance.

The unemployment rate in the United States (USA) fell two tenths last December, to 3.5%, and in the last month of 2022 223,000 jobs were created, according to figures published this Friday by the Bureau of Labor Statistics from the US Department of Labor.

In this way, unemployment in the US recovers the minimum level reached before the Covid-19 pandemic, when unemployment reached 3.5%, which was its lowest rate in several decades.

In the last month of 2022, the country’s labor market maintained its positive course of job creation with 223,000 new non-agricultural jobs, up from 263,000 in November.

The country closed December with a total of 153.743 million non-agricultural workers, which represents an increase of 3.391 million employees compared to the last month of 2021.

The number of long-term unemployed, those who have remained unemployed for a minimum of 27 weeks, fell by 146,000 people, reaching 1.1 million in December. Its weight with respect to the total number of unemployed is 18.5%.

Likewise, the total number of unemployed people, including agricultural jobs, stood at 5.722 million people in December.

Source: dpa

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La entrada Unemployment in the US fell in December apareció primero en Bitfinance.

US Treasury Secretary Janet Yellen explained that investing in cryptocurrencies is a “very risky option” to include in the retirement plans of average American savers, and it would be reasonable for Congress to face the danger.

“It is not something that I would recommend to most people who are saving for retirement, (…) For me it is a very risky investment.”

The Secretary of the Treasury considers it “reasonable” that Congress regulates the type of assets that could be included in “retirement vehicles with tax benefits, such as 401 (k) plans (…)” I am not saying that I recommend it, but I think it would be reasonable,” she said.

Yellen made the remarks in response to a question about Fidelity Investments’ initiative to add a crypto option to the pension plans it manages.

Bitcoin as an option as a store of value

Last April, the American company specialized in asset management and pension funds Fidelity Investments announced its intention to offer 401 (k) with Bitcoin. However, savings programs in the United States have a fairly strict regulation, which is why the position established by the Secretary of the Treasury, nor that assumed by the Department of Labor, is not surprising.

For her part, Senator Cynthia Lummis believes that the position taken by the Department of Labor could be wrong. In her opinion, an “intelligent investment strategy combines assets that generate short-term profits and assets that can prevent the funds from depreciating.” In her words, Bitcoin is a very good option to avoid the depreciation of money. “BTC really shines as a store of value,” the senator indicated.

M. Rodríguez

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La entrada Retirement plans in crypto represent a risk apareció primero en Bitfinance.

The number of unfilled jobs in the United States increased last March to an all-time high of 11.5 million vacancies, up from 11.34 million the previous month and more than three million above 8, 4 million as of March 2021, according to Labor Department data, which goes back to December 2000.

Thus, the number of job vacancies in the United States in the month of March practically doubled the figure of 5.952 million unemployed in March, which means 1.9 jobs available for each unemployed person.

In the private sector, the number of job vacancies increased to 10.5 million free positions, while in the public sector there were 1.04 million unfilled positions.

By sectors, the largest increase in vacancies to be covered corresponded to retail trade (+155,000), as well as the manufacture of durable goods (+50,000). By contrast, job offers decreased in transport, storage and public services (-69,000); as well as in local and state education (-43,000).

On his side, the number of job resignations also reached the highest figure in the entire historical series, with 4.5 million, an increase of 152,000 abandonments compared to the previous month, which is equivalent to a rate of 3 %.

Voluntary terminations increased mainly in professional and business services (+88,000) and construction (+69,000).

Source: dpa

La entrada US registers record 11 million job openings apareció primero en Bitfinance.

The initial requests for unemployment benefits reached a total of 166,000 applications last week. It represents a decrease of 5,000 compared to the 171,000 applications for subsidy in the previous seven days and the lowest figure recorded since 1968, according to the Department of Labor of the United States.

The rolling measure for the last four weeks has thus stood at 170,000 jobless claims per week, underlining the good performance of the US labor market.

Initial claims for jobless aid reached a record 6.149 million in early April 2020. Under normal conditions, the weekly number of claims for benefits is estimated to range between 200,000 and 250,000.

The unemployment rate in the United States stood at 3.6 % last March, two tenths less than the figure recorded the previous month.

In this way, the rate is close to the minimum reached before the pandemic. In February 2020, before the impact of Covid-19 in the country, the unemployment rate stood at 3.5 %, which was already a minimum for several decades.

Source: dpa

La entrada Layoffs in the US fall to minimum values apareció primero en Bitfinance.

The US Department of Labor published a report reporting that the country opened some 467,000 new job vacancies during the month of January, greatly increasing the projections made by economists, who estimated some 150,000 jobs.

In a survey previously carried out by Dow Jones, different economic analysts expressed their pessimism regarding the work environment, due to the impact that the pandemic is having on the economy. Especially with the development and expansion of the omicron variant of Covid-19, which seemed to enter one of its most important peaks after the Christmas celebrations.

The increase in job vacancies presents an excellent outlook for the local economy of the United States, which since last year has maintained an unemployment rate of around 4 %. However, with the increase in these new places, the projections improve positively.

Job vacancies as an indicator for the FED

One of the variables that worries the US Federal Reserve (FED) is the increase in inflation levels, but the reactivation of the labor market has become an excellent indicator for the institution.

Some analysts consider that it is a very good sign for the FED because as of March the institution plans to begin modifying some measures that it has implemented as a result of the pandemic. The following are some of the most relevant: significantly reduce the capital destined for repurchase of sovereign bonds, in addition to increasing bank interest rates, which have remained close to 0 since 2020, and reducing the economic support that is impacting inflation levels.

Concern in the crypto market

The crypto market could be impacted if the FED executes the aforementioned measures because it would represent less liquidity for the digital currency ecosystem, especially for Bitcoin due to the lack of financial instruments that offer greater exposure to more traditional investors.

Joel Kruger, market strategist at LMAX Digital, noted: “The data suggests that the Fed will have to be more aggressive with rate hikes…this juncture will continue to have a negative impact on cryptocurrencies for the time being.”

Despite the negative expectations that analysts have for the crypto market, the price of cryptocurrencies has increased in recent days, particularly Bitcoin, which exceeds 40 thousand dollars.

M. Rodríguez

Source: diariobitcoin.com

La entrada The US created 467 thousand new job vacancies in January apareció primero en Bitfinance.

The consumer price index (CPI) of the United States stood at 1.4 % last January compared to the same month last year, so it did not register any change compared to the year-on-year inflation observed during the previous month, according to data published this Wednesday by the labor statistics office of the US Department of Labor.

The agency explained that although food prices rose 3.8 % in January, one tenth less than the year-on-year increase in December, this could not fully compensate for the 3.6 % drop in energy prices. In December, energy prices had fallen 7 %.

Thus, without taking into account the impact of energy and food prices, the core inflation rate in the United States stood at 1.4 % in January, thus falling by two tenths compared to the previous month. In February, before the pandemic, the figure reached 2.4 %.

In monthly terms, the country registered an inflation of 0.3 %, one tenth more than in December. On the other hand, the underlying rate remained at 0 % in the first month of 2021, with no chane compared to the previous month.

K. Tovar

Source: LatinUS

La entrada Inflation in the US remains at 1.4 % in January apareció primero en Bitfinance.