U.S. added 29,000 jobs in September; unemployment rises to 4.2%

U.S. job creation fell sharply to 29K (vs. typical 150K+) while unemployment ticked up, signaling labor market weakness. Weak employment data historically triggers risk-off selling initially, but crypto often rallies on expectations of Fed rate cuts, which become more likely after disappointing labor reports.

The U.S. job market unexpectedly weakened this month—very few new jobs were created and more people became unemployed. This usually makes central banks consider cutting interest rates, which can be good for crypto assets.