On September 6, data from the U.S. Bureau of Labor Statistics (BLS) showed August nonfarm payrolls rose by only 22K, far below expectations, with the unemployment rate climbing to 4.3% — the highest since 2021. Healthcare added +31K jobs, but this was offset by declines in government (-15K), manufacturing (-12K), and energy (-6K). The labor market continues to weaken, with June figures also revised into negative territory.
At the macro level, the report highlights cooling in the U.S. labor force. Markets have nearly fully priced in a 25 bps Fed rate cut in September. However, wages still grew 3.7% YoY, providing some support for inflation and leaving uncertainty around the pace of further easing.
Bitunix Analyst’s View: Stalled nonfarm growth sets the stage for the Fed to begin cutting rates, but inflation resilience adds uncertainty to the broader easing path. In the short term, risk assets may benefit from looser policy expectations, though ETH continues to face resistance at $4,500. If the Fed cuts too aggressively or stokes recession fears, positive momentum could quickly reverse.
