Payrolls boom and Coinbase’s direct listing on April 14
Nonfarm payrolls increased by 916,000 last month while the unemployment rate fell to 6%. U.S. employers added more jobs, as the economic recovery continues and more unemployed persons are coming back into the workforce. High Covid-19 infections had a severe impact on the labor market, but an end of the pandemic is in sight. Every day two million Americans are getting vaccinated, whereby the economic activity is picking up speed. The leisure and hospitality employment increased by 280,000, the construction payrolls surged 110,000.
While the economy is recovering from the pandemic, the stock market is trading higher on expected increasing consumer spending. The boost to the stock market let the S&P 500 cross 4,000 for the first time.
Coinbase Global Inc., the largest U.S. cryptocurrency exchange said Thursday it will begin trading on April 14. Previously the company has been received the regulatory clearance for its listing from the U.S. Securities and Exchange Commission. Coinbase said it plans to go public through a direct listing on Nasdaq. Other companies like Palantir, Roblox, Slack and Spotify previously went public through direct listings on the NYSE. While the direct listing comprises 115 million shares of Class A common stock, it allows Coinbase’ early stakeholders to sell their shares to new investors.