Bitcoin price stabilizes as US adds 254,000 jobs in September, signaling economic strength

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The price of Bitcoin stabilized around $61,500 as the US added a surprising 254,000 jobs in September, lowering the unemployment rate to 4.1%, according to the data. released data by the Bureau of Labor Statistics today.

The numbers beat economists’ forecasts of 140,000 new jobs and an unemployment rate of 4.2 percent, signaling continued resilience in the labor market.

Bitcoin, which recently fell from highs above $66,000 due to geopolitical tensions in the Middle East, found stability around $61,500 following the jobs report. Analysts suggest that a robust US economy could ease uncertainty as the presidential election approaches, potentially supporting Bitcoin in the coming days.

Following a strong economic report, the Nasdaq 100 rose 0.8%, the US 10-year yield climbed 3.9% and the dollar index gained 0.5%, while gold fell 0, 5% to $2,665 per ounce.

September’s robust job growth was driven primarily by gains in the health and leisure sectors, contributing to a strong showing in the services industry. Healthcare added 71,700 jobs, while leisure and hospitality saw an increase of 78,000 jobs.

Construction also added 25,000 jobs, indicating strength in goods-producing industries despite a 7,000 decline in manufacturing jobs. Average hourly earnings also rose 0.4 percent, beating expectations, and rose 4 percent year over year.

Positive economic news raised the probability of a 25 basis point rate cut at the Federal Reserve’s next meeting in November to 94.5%, according to the data. CME’s FedWatch toolwhile eliminating the chances of a discount of more than 50 basis points. The strength of the labor market suggests the economy could be on track for a soft landing, easing recession fears.

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