29,000 US Jobs, Bitcoin Soars, as Fed Rate Hike Odds Fall

The US labor market added just 29,000 jobs in September, a significant drop from the expected 90,000. This development has eased the pressure on the Federal Reserve to raise interest rates at their upcoming meeting on October 27 and 28.

The unemployment rate rose to 4.2 percent, and the underlying figures suggest the labor market is cooling. This has implications for the central bank's mandate, which covers stable prices and a high level of employment.

The September jobs report was a disappointment, and the revisions to the previous months' figures have also been significant. July's previously reported gain of 21,000 jobs was revised to a loss of 10,000, and August was lowered by 29,000 jobs.

Bitcoin reacted positively to the news, reaching $87,086 over the past 24 hours before giving back some of those gains. The market expects a rate pause on October 27 and 28, which would be a relief for the crypto market.