U.S. Job Growth Surges with 254,000 Additions in September, Unemployment Rate Falls to 4.1%
The U.S. job market showed impressive growth in September, exceeding expectations and affecting monetary policy considerations.
U.S. Job Growth Surges with 254,000 Additions in September, Unemployment Rate Falls to 4.1%
The U.S. job market experienced significant growth in September, with 254,000 jobs added, surpassing the economists' expectations of 140,000. Additionally, the previously reported job gain for August of 142,000 was adjusted to 159,000.
The unemployment rate dropped to 4.1% from 4.2% in August, bettering forecasts which predicted a stagnant rate of 4.2%.
- Bitcoin Performance: Following the job report, Bitcoin (BTC) traded at around $61,500, marking an increase of nearly 1.5% in the last 24 hours.
- Economic Outlook: "A robust U.S. economy reduces uncertainty, particularly with the upcoming U.S. election, and this bodes well for bitcoin, removing one of the key risks looming over the market," commented CoinDesk analyst James Van Straten.
The report indicated average hourly wages rose by 0.4% in September, exceeding the 0.3% anticipated by analysts.
This strong job data indicates minimized likelihood for a steep rate cut by the Federal Reserve at its upcoming policy meeting, decreasing expectations for a 50 basis point reduction significantly.
