Weak September Jobs Report Sends Bitcoin Toward $87,000

U.S. employers added 29,000 jobs in September, far fewer than economists had expected, while the unemployment rate rose to 4.2% from 4.1% in August. The weak report, released by the Bureau of Labor Statistics on October 2, prompted traders to reassess the likelihood of another Federal Reserve rate increase this month and coincided with Bitcoin rising toward $87,000. September payroll growth fell short of forecasts that ranged from 84,000 to 90,000. The August increase was revised down to 133,000 from an initially reported 162,000. The report also revised July payrolls from a 21,000 gain to a loss of 10,000, according to one account of the figures. Average hourly earnings rose 0.1% from August and 3.0% over the year, below the reported forecasts of 0.3% and 3.2%, respectively. The average workweek remained at 34.4 hours. The combination of slower hiring, a higher unemployment rate and softer wage growth added to signs of cooling in the labor market, though the monthly figures do not by themselves determine the Federal Reserve’s next move. Bitcoin rose after the release, with reported prices ranging from about $86,000 to $87,250.