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legend1234
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US September Nonfarm Payrolls Increase by Only 29,000, Unemployment Rate Rises to 4.2%
The poor nonfarm data really caught people off guard! 😮 Bitcoin surged but was quickly hammered back down.
Only 29,000 jobs were added for the whole month, while the market had originally estimated about 90,000, a big miss. The unemployment rate also rose from 4.1% to 4.2%, higher than expected.
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# US September Nonfarm Payrolls Increase by Only 29,000, Unemployment Rate Rises to 4.2%
The poor nonfarm data really caught people off guard! 😮 Bitcoin surged but was quickly hammered back down.
Only 29,000 jobs were added for the whole month, while the market had originally estimated about 90,000, a big miss. The unemployment rate also rose from 4.1% to 4.2%, higher than expected.
This shows that the initial reaction was just a reflex to the news release; the real money willing to buy in didn’t follow through.
Moreover, the previous two months’ numbers were revised downward: August was revised from 162,000 to 133,000, and July from a gain of 21,000 to a loss of 10,000, totaling 60,000 fewer jobs than initially reported. September wages rose only 0.1% for the month!
$BTC was affected by the weak nonfarm data, weakening the case for rate hikes, and indeed surged to around 87,238, but failed to hold that level and fell back to 84,600 a few hours later. The sentiment-driven rally basically exhausted itself.
$ETH was even weaker, touching around 2,760 when the data came out, then dropping faster than Bitcoin to about 2,680. It now needs to reclaim the 2,800 to 2,900 range before it can target 3,000 again.
$SOL followed suit, dropping to around 122, then sliding back to about 119, nearly wiping out its gains. The macro news caused volatile swings back and forth.
To see Bitcoin make a grand, sweeping move, we still have to watch the Fed, interest rates, and the US dollar’s performance!
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