The U.S. labor market cooled further in November, a signal that the economy’s hiring momentum is easing as delayed government data finally caught up. Key takeaways - Nonfarm payrolls increased by 64,000 in November, the Bureau of Labor Statistics reported Tuesday — beating economist expectations of a 50,000 gain. - The unemployment rate climbed to 4.6%, a four-year high and above the 4.4% consensus. - October payrolls were revised to a 105,000 decline (down from a 119,000 gain in September), a number likely skewed by the recent D.C. government shutdown. - Overall, the combined revisions and November’s print point to a modestly softer jobs picture than markets had anticipated. Market reaction and what it means for crypto - Bitcoin briefly pared some overnight gains after the report, slipping from about $87,076.82 to roughly $87,000. - U.S. stock futures swung from small gains to small losses, while the 10-year Treasury yield held steady near 4.17%. - Ahead of the release, traders priced in roughly a 75% chance the Federal Reserve will keep rates unchanged at its January meeting — and those odds were unchanged immediately after the data. Why crypto traders should care A cooling labor market can reduce inflationary pressure and increase the odds the Fed pauses rate hikes — a backdrop that has historically supported risk assets, including cryptocurrencies. That said, the market’s muted, mixed reaction suggests investors are parsing the data carefully and waiting for clearer signs on wage growth and inflation before making decisive bets. What to watch next - Wage and inflation data in coming weeks for clues on whether the Fed will shift policy. - Further revisions to employment reports as delayed data filters through. - How bitcoin and broader risk markets trade if investors re-price Fed expectations. In short: November’s report shows a softer U.S. jobs market, but the immediate market response was tepid — leaving crypto traders watching for follow-up data to confirm any lasting shift in the Fed outlook. Read more AI-generated news on: undefined/news

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