U.S. job growth has clearly slowed, but it’s too soon to call that good news for BTC.
The BLS report on October 2 recorded 29,000 jobs added in September, compared with 133,000 in August. The figures for July and August were also revised down by a total of 60,000.
Weak hiring could raise expectations of Fed rate cuts, supporting BTC. But if the labor market weakens quickly, recession fears could prompt investors to avoid risk.
The October report comes out at 20:30 on November 6. I’ll be watching both the new figures and revisions to previous months—not assuming that a low NFP means BTC will rise.
BLS chart: new jobs, in thousands; p means preliminary.
Follow me to compare notes when the figures come out.
#Bitcoin #NFP
The BLS report on October 2 recorded 29,000 jobs added in September, compared with 133,000 in August. The figures for July and August were also revised down by a total of 60,000.
Weak hiring could raise expectations of Fed rate cuts, supporting BTC. But if the labor market weakens quickly, recession fears could prompt investors to avoid risk.
The October report comes out at 20:30 on November 6. I’ll be watching both the new figures and revisions to previous months—not assuming that a low NFP means BTC will rise.
BLS chart: new jobs, in thousands; p means preliminary.
Follow me to compare notes when the figures come out.
#Bitcoin #NFP
