Bitcoin Surges as Weak Jobs Data Boosts Case for No October Rate Hike

Bitcoin's price surged above $87,000 after the US Bureau of Labor Statistics released a weaker-than-expected jobs report for September. The report showed that US employers added only 29,000 jobs, far below the 89,000 increase economists had forecast. The unemployment rate rose to 4.2%, and the labor force participation rate was 61.8%, while the employment-population ratio was 59.2%.

Health care led job gains with an increase of 17,000, followed by construction at 11,000 and manufacturing at 9,000. However, financial activities lost 7,000 jobs and had declined by 129,000 since May 2025. Wage growth remained steady, with average hourly earnings rising to $37.81, up 3% from a year earlier.

Fabian Dori, chief investment officer at Sygnum Bank, commented that the weak employment reading strengthens the case for no October rate hike. He noted that weak is not automatically bullish and that soft-but-orderly supports the liquidity trade, while a growth scare pulls risk assets, including Bitcoin.