Why Shiba Inu Is Jumping Today
Key Points
Nearly 40,000 mandated layoff notices were reported for October.
The total is one of the highest recorded by the Federal Reserve Bank of Cleveland, which tracks the data.
The numbers could mean the Fed cuts rates further.
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Shiba Inu (CRYPTO: SHIB) is rising, up 3.9% in the last 24 hours as of 6:10 p.m. on Tuesday. The move comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 1.3%, respectively.
Shiba Inu joined a broader crypto rally today, breaking a punishing multi-week slide. Employment figures from the Federal Reserve Bank of Cleveland yesterday are raising expectations that another rate cut is in store.
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Layoff numbers spike
United States labor law requires that workers be given 60 days' notice in the event of mass layoffs or plant closings. These Worker Adjustment and Retraining Notification Act (WARN) notices have been tracked monthly since 2006.
The nearly 40,000 WARN notices sent out in October are a near record.
The Fed could cut further
Combined with other weak economic signals, the data raises the chances of additional interest rate cuts from the Federal Reserve, a move that tends to boost riskier and speculative investments, like Shiba Inu. The Fed will next meet in December.
Image source: Getty Images.
Shiba Inu is a meme coin, and its value is entirely built on speculation and sentiment. This makes it extremely volatile and prone to major downward swings. I would not recommend owning this cryptocurrency.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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