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With US job gains surpassing expectations, Bitcoin steadies at $61,500 ahead of the presidential election.
Key Takeaways
US job additions in September far exceeded economist expectations, highlighting labor market resilience. Bitcoin's price stabilized following the positive US economic report, indicating reduced market uncertainty. <?xml encoding="UTF-8"?>Bitcoin’s price stabilized at approximately $61,500 as the US added a surprising 254,000 jobs in September, bringing the unemployment rate down to 4.1%, according to data released by the Bureau of Labor Statistics today.
The figures exceeded economists’ forecasts of 140,000 new jobs and an unemployment rate of 4.2%, signaling continued resilience in the labor market.
Bitcoin, which had recently dropped from highs above $66,000 due to geopolitical tensions in the Middle East, found stability at around $61,500 following the jobs report. Analysts suggest that a robust US economy could ease uncertainty as the presidential election approaches, potentially supporting Bitcoin in the coming days.
Following a strong economic report, the Nasdaq 100 rose 0.8%, the US 10-year yield climbed to 3.9%, and the dollar index gained 0.5%, while gold dipped 0.5% to $2,665 per ounce.
September’s robust job growth was driven primarily by gains in the healthcare and leisure sectors, contributing to a strong service industry showing. Healthcare added 71,700 jobs, while leisure and hospitality saw an increase of 78,000 jobs.
Construction also added 25,000 jobs, indicating strength in goods-producing industries despite a decline of 7,000 jobs in manufacturing. Average hourly earnings also rose by 0.4%, ahead of expectations, and were up 4% year-over-year.
The positive economic news increased the probability of a 25 basis point rate cut at the Federal Reserve’s upcoming November meeting to 94.5%, according to CME’s FedWatch Tool, while eliminating the chances for a larger 50 basis point cut. The labor market’s strength suggests the economy may be on track for a soft landing, reducing fears of a recession.
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