US Job Data Dampens Market Sentiment, Bitcoin To Witness Further Decline?

The latest US Job data showed that the nonfarm payroll data figures came in at 254,000 in September, more than the market expectations. The unemployment rate also comes below the market estimates, dampening the market sentiment, and indicating a further decline in Bitcoin and altcoins prices. Notably, this set of data is crucial for the US Federal Reserve to decide its monetary policy plans. Besides, it also influences the broader financial market sentiment, let alone the crypto market.

US Job Data Dampens Market Sentiment

The latest US Job data by the Labor Department showed that the US nonfarm payrolls figures were at 254,000, a significant jump from the Wall Street anticipation. On the other hand, the unemployment rate comes in at 4.1% in September, down from 4.2% in the prior month. Notably, the market was anticipating the unemployment rate to come in at 4.2%, unchanged from the prior month.

Meanwhile, the latest data has dampened hopes over a potential 50 bps Fed rate cut at the upcoming gathering of the central bank officials. Notably, this set of data is closely watched by the Fed officials and influences the central bank’s decision in their rate cut plans.

It’s worth noting that cooling non-farm payroll data and a rising unemployment rate tend to boost the crypto market sentiment. Having said that, the recent data signals a rising labor demand in the US, which has sparked discussions if the Federal Reserve will move ahead with hawkish plans in the coming days.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.