4 US Economic Events with Crypto Implications This Week

It will be a short week for the US economic calendar, with the traditional finance (TradFi) market closed on Monday for the Labor Day holiday.

Nevertheless, several US economic data points will be present thereafter and could influence Bitcoin (BTC) and crypto markets. Meanwhile, the Bitcoin price continues to show weakness, with Ethereum (ETH) following suit after losing support at $4,400.

US Economic Indicators for Crypto Traders to Watch This Week

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Traders looking to protect their crypto portfolios this week can do so by frontrunning the following events.

JOLTS

First in line for the top US economic data points to influence Bitcoin sentiment this week is the job openings report, released by the Bureau of Labor Statistics. This macroeconomic event is due on Wednesday, September 3, after the previous JOLTS report indicated 7.4 million job openings in June and 7.8 million in May.

According to economists surveyed by MarketWatch, July data on US job openings, hires, and separations could come in at 7.4 million, just like in June.

If it does, it would signal a steady labor market, keeping Federal Reserve (Fed) policy “higher for longer.” This would support the dollar and cap liquidity expectations and likely leave Bitcoin slightly pressured, absent other macro catalysts.

ADP Employment

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Another US economic event this week is the ADP employment report, which is more comprehensive and widely regarded as the official measure. It is a private sector survey based on payroll data from its clients.

This US economic data, due on Thursday, came in at 104,000 in July, significantly higher than economists’ expectations of 82,000. However, economists anticipate a continued slump, projecting a reading of 75,000 in August.

This points to a continued outlook of a slowdown in hiring, signaling cooling labor demand. Softer labor markets weaken the dollar and ease yields, boosting liquidity-sensitive assets like Bitcoin and crypto.

Traders often interpret weaker ADP prints as bullish for digital assets, anticipating risk-on flows and stronger demand for alternatives to traditional markets.

However, if the slowdown sparks recession fears, short-term volatility may hit crypto before liquidity expectations drive longer-term upside.

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Initial Jobless Claims

Also, the initial jobless claims due every Thursday are on the watchlist for US economic data this week. They measure the number of US citizens who filed for unemployment insurance for the first time last week.

In the week ending August 23, there were 229,000 initial jobless claims, with economists now anticipating more filings to 231,000 last week.

An uptick in jobless claims may signal economic weakness. This would increase the likelihood of the Fed adopting a more accommodative monetary stance.

Such a shift could lead to a weaker dollar, enhancing Bitcoin’s attractiveness as an alternative asset. However, if the rise in claims is viewed as a temporary fluctuation, the impact on Bitcoin may be limited.

Meanwhile, analysts say a resilient labor market, coupled with sticky inflation, could allow interest rates to remain elevated. However, signs of a cooling job sector could temper the Fed’s path.

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Employment Report

Finally, with labor market data progressively growing as a key macro for Bitcoin, the US employment and unemployment reports on Friday could also move the crypto market this week. Both data points are critical indicators of the economy’s health.

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The employment report is forecasted to show 75,000 new jobs, up from 73,000 in the previous month, while the unemployment rate is expected to rise from 4.2% in July to 4.3% in August.

Such an outcome in the employment data would suggest hiring is improving slightly, showing resilience in the labor market. Meanwhile, the modest surge in unemployment would point to more people looking for work than jobs created, pointing to underlying slack.

Markets often see this as neutral-to-dovish, where growth exists, but rising unemployment hints at softening conditions.

For Bitcoin and crypto, it could support rate-cut expectations (liquidity-friendly), offering a mildly bullish tilt despite the headline job gains.