U.S. Labor Market Weakness Spurs Interest Rate Speculation

The U.S. labor market showed signs of weakness in September, as the economy added a disappointing 29,000 jobs. This number fell short of the 90,000 jobs forecast by economists. The unemployment rate unexpectedly rose to 4.2%, up from 4.1% in August.

The jobs report, released by the government on Friday morning, also revised down the number of jobs added in August from 162,000 to 133,000. July's job gain of 21,000 was revised to a loss of 10,000. Average hourly earnings rose just 0.1% in September, below the expected 0.3% increase.

Bitcoin, already higher on the session, continued its upward trend, trading near $87,000. U.S. stock index futures rose, with the Nasdaq up 1.2%. The 10-year Treasury yield fell to 5.17%, and the 2-year yield dropped to 4.71%. Gold prices rose more than 1%, and the greenback fell against major currencies.