The jobs report landed like a quiet bomb Friday morning. Just 12,000 new jobs added in October. Economists expected 113,000. A pretty big miss. September’s numbers got revised down too, from 254,000 to 223,000. August wasn’t great either, now showing only 78,000 gains where 159,000 were initially reported. It’s enough to make you question the whole picture, storms in the Southeast complicating things further. The Bureau of Labor Statistics admits they can’t even *guess* how much the weather messed with the data.
- The October jobs report significantly underperformed expectations, raising concerns about the strength of the labor market. Downward revisions to previous months’ data further fueled these anxieties.
- Bitcoin’s price experienced volatility due to the disappointing jobs report and shifting expectations regarding the presidential election. Despite attempts to break new records, it faced resistance.
- Despite the weak jobs numbers, wage growth remains positive, and the unemployment rate is steady. This complicates the Federal Reserve’s decision-making process regarding interest rate cuts.
Bitcoin, already jittery thanks to shifting presidential election odds – Donald Trump’s chances looking a bit dimmer – wobbled after the news. It stayed around $70,000, but it hadn’t been having an easy week. Twice it tried to break a new record above $73,700, and twice it got turned back. It’s a reminder, isn’t it? Even crypto doesn’t exist in a vacuum. Real-world stuff matters. Though, let’s be honest, it often feels like crypto operates on its own strange logic anyway.
The Fed and the Future
Before this report, everyone and their mother expected the Federal Reserve to cut interest rates at their next meeting. Now? Not so sure. The market was *overwhelmingly* expecting a 25 basis point trim. That expectation has cooled. But here’s a twist. While the headline number was weak, wages are still growing. Average hourly earnings rose 0.4% in October, beating expectations. People are working slightly longer hours too, averaging 34.3 per week. So, it’s not a completely bleak picture. It’s…complicated. Like trying to explain NFTs to your grandparents.
Traditional markets barely blinked. Stock futures held steady. The 10-year Treasury yield dipped a bit, and the dollar edged down. Gold, however, keeps climbing, hovering near a record high at $2,767 per ounce. People seem to be looking for safe havens, and apparently, shiny metal still fits the bill. It’s a bit old-fashioned, really. You’d think everyone would be piling into Bitcoin, but no. Sometimes, the oldest solutions are the most comforting. It’s human nature, I suppose.
The unemployment rate held steady at 4.1%, which isn’t terrible. But the downward revisions to previous months are concerning. It suggests the labor market isn’t as strong as we thought. And that, in turn, could influence the Fed’s decision. They’re walking a tightrope, trying to balance inflation with economic growth. It’s a tough job, and frankly, I wouldn’t want it. Especially not right before an election. It’s all a bit messy, isn’t it? A bit like trying to predict the price of Bitcoin on a Tuesday.