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U.S. labor market posted a stronger-than-expected gain of 119,000 jobs in September, even as the unemployment rate unexpectedly climbed to 4.4%, according to long-delayed government data released Thursday.
The report — originally scheduled for early October — was pushed back six weeks due to the federal government shutdown, leaving markets without timely labor figures throughout a volatile period.
What to Know
The U.S. added 119,000 jobs, beating economist expectations of 50,000.
The unemployment rate rose to 4.4%, above the 4.3% forecast.
The shutdown-delayed jobs report arrives as markets weigh fading Fed rate-cut odds.
Bitcoin held modest gains around $91,900 following strong Nvidia earnings.
Next up-to-date labor data will not be released until mid-December.
Delayed Report Shows Labor Market Firmer Than Expected
The Bureau of Labor Statistics data showed nonfarm payrolls rising by 119,000 in September. Economists had projected 50,000, following a revised 4,000-job decline in August (originally reported as a 22,000 gain).
However, the unemployment rate ticked up to 4.4%, suggesting a softening in labor-market conditions despite stronger hiring.
The late release complicates the near-term economic outlook, as policymakers, analysts and traders lack fresh data heading into the Federal Reserve’s final 2025 meeting.
Market Reaction: Bitcoin Holds Gains, Nasdaq Futures Jump
Bitcoin continued to hold its modest overnight lift, trading near $91,900 after Nvidia’s strong earnings and upbeat outlook calmed jittery markets late Wednesday.
U.S. equity futures extended those gains:
Nasdaq futures +1.9%
S&P 500 and Dow futures higher
10-year Treasury yield steady at 4.11%
U.S. dollar index slightly stronger
The jobs report did not materially shift sentiment, as markets had already priced out a December rate cut.
Fed Rate Cut Expectations Unlikely to Change
Traders had largely eliminated the possibility of a December interest rate cut prior to the data release, citing:
the Federal Reserve’s hawkish tone in recent speeches
uncertainty caused by missing labor-market data
concerns about inflation persistence
Thursday’s numbers — strong on payrolls but weaker on unemployment — are unlikely to alter those expectations.
With no updated employment report arriving until mid-December, the Fed will go into its final 2025 meeting with only partial visibility into labor conditions.
Outlook
The September report offers a backward-looking snapshot of a labor market that remains resilient but is showing signs of cooling at the margins. Markets now await the next batch of timely data, though it may arrive after key policy decisions are already made.
For now:
hiring is stronger
unemployment is rising
and the Fed’s December calculus remains unchanged
Crypto and equities continue to take signals primarily from earnings strength, tech momentum and shifting rate expectations rather than delayed economic data.#BTCVSGOLD $ETH $BTC