Crypto News– The most recent report from the US Bureau of Labor Statistics (BLS) has unveiled a significant upswing in nonfarm payrolls (NFP) during the month of September, surpassing market anticipations. This robust employment data swiftly impacted the financial markets, indicating a mixed sentiment prevailing within.
Notably, the surge in job data signals a robust labor market, potentially paving the way for the Federal Reserve to consider raising interest rates this year, despite a slowdown in wage growth.
Recent US Job Data Impact on Crypto Market Sentiment and Sparks Federal Reserve Rate Hike Worries
In an unexpected twist, the NFP saw an increase of 336,000 jobs in September, surpassing market expectations set at 170,000. Furthermore, the initial August NFP figure, which stood at 187,000, was subsequently revised upward to 227,000, signaling a more resilient labor market than previously assessed.
However, despite the substantial job gains, the unemployment rate remained stable at 3.8%, with the Labor Force Participation rate holding steady at 62.8%. These metrics indicate a consistent level of resilience within the US job market.
Key Takeaways from the Job Data
Furthermore, the report noted a slight decrease in annual wage inflation, as Average Hourly Earnings dropped from 4.3% to 4.2%. The robust labor market has also raised concerns regarding potential Federal Reserve interest rate hikes later this year.
In parallel, the US Dollar Index surged by 0.33% on that day, reaching 106.417. Additionally, the yield on the 10-year US Treasury bond experienced a significant increase, rising by 2.57% to reach 4.835%.
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