U.S. Added Blowout 254K Jobs in September, Unemployment Rate Dips to 4.1%
The employment picture in the U.S. heated up in September with the government reporting the addition of 254,000 jobs last month, flying past economist estimates for just 140,000. In addition, August’s previously reported 142,000 job gain was revised higher to 159,000.
The unemployment rate slid to 4.1% from 4.2% in August and versus forecasts for 4.2%.
Bitcoin (BTC) was changing hands at $61,500 in volatile action shortly following the release of the report, up nearly 1.5% over the past 24 hours. Prices remain sharply lower from week-ago levels above $66,000 as an overbought market over the past five days got hit with some unwelcome macro news, including an escalation of the war in the Middle East.
Checking other report details, average hourly earnings rose 0.4% in September, beating forecasts for 0.3% and down from 0.5% a month earlier. On a year-over-year basis, average hourly earnings were higher by 4.0% versus estimates for 3.8% and August’s 3.9%.
Recent economic data – including yesterday’s ISM Services report and Wednesday’s ADP jobs data, both of which came in far stronger than expected – along with comments earlier this week from Federal Reserve Chairman Jerome Powell have led traders to pare back expectations for a second consecutive Fed 50 basis point rate cut at the bank’s next policy meeting just after the November elections.
Prior to this morning’s numbers, short-term rate markets had priced only a 30% chance of a 50 basis point move and a 70% chance of just a 25 basis point cut, according to CME FedWatch. Just one week ago, the odds of a 50 basis point cut were at 53%.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
have been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of
editorial policies.
CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/86c43cde-6640-4a7c-98af-5e25273f0e17.png)
:format(jpg)/author-service-images-prod-us-east-1.publishing.aws.arc.pub/coindesk/7fe88428-ae49-4453-ab19-5cfbf125689b.png)
As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. Previously, his role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.
Follow @btcjvs on Twitter
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/8b1395a8-12af-4705-9fe5-b862b248250d.png)
