QuantCapBitcoin held earlier gains following the report, up more than 2% over the past 24 hours and just below $87,000.
U.S. added just 29,000 jobs in September, with unemployment rate rising to 4.2%
Bitcoin held earlier gains following the report, up more than 2% over the past 24 hours and just below $87,000.
The U.S. added 29,000 jobs in September, missing forecasts for 90,000. The unemployment rate unexpectedly rose to 4.2%. Bitcoin continued about 2% higher for the day at $86,600.
The U.S. labor market showed weakness in September, potentially giving the Federal Reserve room to hold interest rates even as inflation remains elevated.
The U.S. added 29,000 jobs in September, according to the government’s Nonfarm Payrolls Report released Friday morning. That was below the consensus forecast of 90,000 and compared with August’s gain of 133,000 (revised down from an originally reported 162,000).
The unemployment rate rose to 4.2%, versus expectations of 4.1% and August’s reading of 4.1%.
Already higher on the session, bitcoin continued just under $87,000 in the minutes following the release. U.S. stock index futures were adding to gains, the Nasdaq rising 1.2%.
The 10-year Treasury yield slumped seven basis points to 5.17%, while gold gained more than 1%, and the greenback fell versus major currencies.
After an unsettling rise in interest rates throughout September, buyers had returned to the bond market late this week. Short-term rate markets had, at one point earlier in the week, nearly fully priced in a second rate hike from the Federal Reserve at its Oct. 28 meeting. Those odds, though, had plunged to just 23% in the 48 hours prior to this morning’s jobs data.
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The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Crypto traders are in risk-on mode as bitcoin dominance nears return to 60%
Bitcoin open interest jumps $2.3 billion as traders pay more for bullish positions
Bitcoin tops $86,000 ahead of U.S. jobs report