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The crypto market is set for a shake-up as three major economic indicators are set to be released on October 24th. Jobless Claims, Manufacturing PMI, and Services PMI – these metrics will provide crucial insights into the health of the US economy.   
How will they influence the<a href="https://coinpedia.org/news/crypto-prices-today-oct-21st-2024-bitcoin-surges-to-69k-sol-at-170-ape-pumps-100/" target="_blank" rel="noreferrer noopener"> crypto market</a> and you, the investor?   
<h2 class="wp-block-heading" id="h-united-states-jobless-claims-an-overview-nbsp">United States Jobless Claims: An Overview&nbsp;</h2>   
On October 12, the Initial Jobless Claims index was at 241,000, a drop from 260,000 recorded on October 5. However, this week, forecasts suggest a slight increase to 247,000—an uptick of 6,000.   
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A slight rise in jobless claims could signal a slightly weaker job market. If this trend continues, it could, in theory, push the <a href="https://coinpedia.org/news/bitcoin-hits-61k-as-fed-slashes-interest-rates-by-50-bps-after-four-years/" target="_blank" rel="noreferrer noopener">Federal Reserve</a> to consider more interest rate cuts, which could be beneficial for cryptos.&nbsp;   
Stability in Sight?   
Meanwhile, on October 17, the US Continuing Jobless Claims index was 1.867K - higher than the value of 1861K recorded on October 10. This week, as per TEForecast, the value is expected to drop slightly to 1865K.&nbsp;&nbsp;&nbsp;   
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A slight drop in continuing claims indicates that the labor market is still stable. If these numbers improve, it may suggest a stronger economy, which could affect investor sentiment.   
<h2 class="wp-block-heading" id="h-manufacturing-pmi-signs-of-slowdown">Manufacturing PMI: Signs of Slowdown</h2>   
In September, the US Manufacturing PMI index fell to 47.3, the lowest since June 2023, down from over 51 in May 2024. This decline has been consistent since June, raising concerns about a possible economic slowdown.   
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If the Manufacturing PMI continues to drop, investors might see cryptocurrencies as a safer option against traditional market risks, especially during uncertain times.   
In September, the US Services PMI index recorded 55.2, down from 55.7 in August.   
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A strong services sector typically indicates a healthy economy; however, a decline here could lessen interest in riskier assets like cryptocurrencies.   
<h2 class="wp-block-heading" id="h-navigating-the-ups-and-downs">Navigating the Ups and Downs</h2>   
In summary, this week’s economic data is expected to show minor changes, with slight increases in unemployment claims and modest shifts in the PMI indices. It’s important to keep a close eye on these releases—especially the Manufacturing PMI. If the data reveals a weakening economy that deviates from expectations, it could certainly spark renewed interest in the cryptocurrency sector.   [post_titles_links postid="369884"]   
Do you see potential for cryptocurrencies in light of this week's data?

This Week’s U.S. Economic Data: What to Watch for Crypto Market Prices

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