The US economy added only 29,000 jobs in September, far below the roughly 90,000 economists had forecast, while the unemployment rate rose to 4.2% against an expected 4.1%. Prior months were revised sharply lower, with July cut by 31,000 to 10,000 and August reduced by 29,000 to 133,000, leaving combined employment 60,000 lower than previously reported. Wage growth also slowed, to 0.1% monthly and 3% annually. Scott Melker said the weak labor data and downward revisions could cool the chances of the Federal Reserve hiking rates in coming meetings, arguing the Fed may instead have to cut to support the job market. He also noted Bitcoin posted its best quarter in years while the bond market had its worst, with 10-year yields well over 5% and Bitcoin still rising.
BitcoinWeak September jobs data and downward revisions cool Fed rate-hike odds and raise cut expectations, a macro tailwind for Bitcoin, which the article notes posted its best quarter in years.
