$ETH US ADP report releases signals of deterioration in the labor market, with an unexpected decline in employment in November. Is this good or bad for the crypto space?

BlockBeats news, on December 3, the US Automatic Data Processing Company (ADP) released an employment report on Wednesday showing that private sector employment unexpectedly declined in November. The revised data for October indicates an increase of 47,000 jobs, but in November, private sector jobs decreased by 32,000. The US Bureau of Labor Statistics is set to release the highly anticipated November employment report on December 16. This report was originally scheduled for December 5 but was delayed due to the recent government shutdown and will include October's non-farm employment data. Although ADP data shows a deterioration in the labor market, the number of initial state unemployment claims still aligns with the market narrative of 'no hiring and no layoffs.' Economists say that the economic uncertainty brought about by tariff policies has caused the labor market to stagnate. In September, the US economy added only 119,000 jobs, and the unemployment rate rose to a four-year high of 4.4%.

So, the above data indicates an acceleration of expectations for the Federal Reserve to cut interest rates, which is a big positive for the crypto space, let it explode.