Bitcoin remained near $87,000 after the latest U.S. employment figures showed a much weaker labor market than economists had expected. BTC was up more than 2% over the previous 24 hours.
The U.S. added only 29,000 jobs in September, according to the Nonfarm Payrolls Report released Friday. The result was far below the 90,000 consensus estimate and followed a revised gain of 133,000 jobs in August. The August figure was previously reported at 162,000.
The unemployment rate increased to 4.2% in September, exceeding the 4.1% forecast and August’s 4.1% reading.
Earlier employment figures were also revised lower. July’s previously reported 21,000-job increase was revised to a decline of 10,000 jobs.
The softer data could give the Federal Reserve additional room to keep interest rates unchanged, even as inflation remains above the central bank’s preferred level.
Bitcoin had already advanced during Friday’s session and continued trading just below $87,000 shortly after the report was released. U.S. stock futures also strengthened, with Nasdaq futures gaining 1.2%.
The bond market reacted positively to the weaker employment figures. The 10-year Treasury yield dropped 7 basis points to 5.17%, while the two-year yield also fell 7 basis points to 4.71%. Gold rose more than 1%, while the U.S. dollar declined against a basket of major currencies.
The wage figures provided another sign of moderating labor-market pressure. Average hourly earnings increased just 0.1% in September, well below the 0.3% forecast and August’s 0.3% increase.
Year over year, average hourly earnings rose 3%, also below expectations of 3.2% and August’s 3.1% increase.
