US Adds 165,000 Jobs in October: Why Bitcoin Traders Are Watching the Fed

TL;DR: The US economy added 165,000 payroll jobs in October while unemployment stood at 4.1%, according to the Bureau of Labor Statistics’ November 6 release. The data complicate hopes of quick monetary easing, but the report by itself cannot establish what the Federal Reserve will do next or where Bitcoin will trade. Bitcoin’s difficult trading week has coincided with a closely watched update on the US economy. The Bureau of Labor Statistics reported on November 6 that nonfarm payroll employment increased by 165,000 in October. The unemployment rate was little changed at 4.1%. For cryptocurrency traders, the significance is not that payrolls have a mechanical relationship with Bitcoin’s price. Rather, employment data are one part of the evidence the Federal Reserve weighs when deciding whether inflation and economic activity justify changing interest rates. The headline numbers tell only part of the story The BLS said employment increased in professional and business services, healthcare, and transportation and warehousing. Professional and business services added 70,000 jobs, substantially above that category’s recent monthly average. The report also revised August and September ...