The latest U.S. employment report — delayed six weeks because of the government shutdown — finally dropped, giving markets long-awaited clarity after weeks of trading without reliable labor data.
Key Highlights
The U.S. economy added 119,000 jobs, more than double the forecast of 50,000.
Unemployment increased to 4.4%, slightly above expectations of 4.3%.
The postponed release arrives as traders reassess fading hopes for Fed rate cuts.
Bitcoin is steady near $91,900, holding gains sparked by strong Nvidia earnings.
The next fresh labor figures won’t arrive until mid-December.
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Delayed Report Shows a Still-Resilient Labor Market
The Bureau of Labor Statistics reported a 119K rise in nonfarm payrolls for September. Analysts had looked for only 50K, especially after August’s revision showed a 4,000-job drop (initially reported as +22,000).
Despite stronger hiring, the unemployment rate moving up to 4.4% signals that the labor market may be loosening around the edges.
The late release creates extra uncertainty for policymakers and investors heading into the Federal Reserve’s final meeting of 2025, as they’re forced to make decisions with outdated data.
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Market Reaction: Crypto Steady, Tech Futures Rise
Bitcoin maintained its slight overnight bump, trading around $91,900 after Nvidia’s blockbuster earnings helped ease market nerves.
U.S. futures also moved higher:
Nasdaq futures: +1.9%
S&P 500 & Dow futures: in the green
10-year Treasury yield: holding at 4.11%
Dollar index: a bit firmer
Thursday’s data didn’t meaningfully shift sentiment since traders had already dismissed the chances of a December rate cut.
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Fed Rate Cut Hopes Still Off the Table
Investors had already priced out a rate cut for December due to:
recent hawkish comments from Fed officials
uncertainty created by missing labor data
stubborn inflation concerns
The mixed jobs print — strong payrolls but rising unemployment — isn’t enough to change those expectations. With the next jobs report not arriving until mid-December, the Fed will enter its final 2025 meeting with limited visibility.
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Outlook
The September figures paint a picture of an economy where:
hiring remains solid
unemployment is inching higher
and the Fed’s policy outlook is largely unchanged
For now, markets are taking their cues from strong earnings, tech leadership and rate expectations — while the impact of the delayed data remains minimal.
