The September US jobs report unveiled unexpected data, potentially affecting Federal Reserve decisions and the crypto market.
Key Data from the Jobs Report
According to the data released on Friday, the US labor market added 254,000 jobs in September, surpassing analysts' expectations of 150,000. The unemployment rate also dropped to 4.1% from August's 4.2%. Additionally, annual wage growth reached 4%, up from last month's 3.9%, with monthly wages growing by 0.4%.
Federal Reserve's Stance
Wall Street Journal's chief economics correspondent, Nick Timiraos, hinted at a possible slowdown in the Fed's tightened monetary policy. Last month, the Fed announced a rate cut of 50 basis points, citing mild inflation and a weakening labor market.
Crypto Market Reaction
Following the Fed's rate cut, the crypto market experienced a strong upswing. Bitcoin and altcoins showed significant growth, fueling experts' expectations of a major bull run. Bitcoin surged past $65,000, while top altcoins like Ether, Solana, and BNB made notable gains. As of press time, Bitcoin is trading at $62,153, marking a slight increase of 0.87% in a day but a 5.4% drop in a week.
The September US jobs report has sparked new discussions on its impact on Fed's policy and the crypto market. The timing of interest rate changes remains crucial as it could significantly affect the dynamics of cryptocurrency assets going forward.