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U.S. market today: The U.S. created 119,000 jobs in September, a figure higher than expected, but the unemployment rate rises to 4.4%.
The U.S. labor market recorded a gain of 119,000 jobs stronger than expected in September, even as the unemployment rate unexpectedly rose to 4.4%, according to long-delayed government data released on Thursday.
The report, originally scheduled for early October, was delayed six weeks due to the federal government shutdown, leaving markets without timely labor figures during a volatile period.
What to know
The U.S. added 119,000 jobs, surpassing economists' expectations of 50,000.
The unemployment rate rose to 4.4%, above the expected 4.3%.
The delayed jobs report arrives as markets weigh the diminishing odds of a rate cut by the Fed.
Bitcoin held modest gains around $91,900 following Nvidia's strong earnings.
The next updated labor data will not be released until mid-December.
A delayed report shows that the labor market is firmer than expected
Data from the Bureau of Labor Statistics showed an increase of 119,000 jobs in non-farm payrolls in September. Economists had projected 50,000, following a revised decline of 4,000 jobs in August (initially reported as an increase of 22,000).
However, the unemployment rate rose to 4.4%, suggesting a softening of labor market conditions despite increased hiring.
The late release complicates short-term economic outlooks, as policymakers, analysts, and traders lack new data ahead of the Federal Reserve's final meeting of 2025.
Market reaction: Bitcoin holds gains, Nasdaq futures rise
Bitcoin continued to hold its modest gain overnight, trading near $91,900 after strong Nvidia earnings and an optimistic outlook calmed jittery markets on Wednesday night.
U.S. stock futures extended those gains:
Nasdaq futures +1.9%
S&P 500 and Dow Jones futures rise
The 10-year Treasury yield remains stable at 4.11%
The U.S. dollar index strengthens slightly
The jobs report did not materially change sentiment, as markets had already priced in a rate cut in December.
It is unlikely that Federal Reserve rate cut expectations will change
Traders had largely priced out the possibility of an interest rate cut in December before the data release, citing:
The Federal Reserve's aggressive tone in its recent speeches
Uncertainty caused by the lack of labor market data
Concerns about the persistence of inflation
It is unlikely that Thursday's figures—strong in terms of payrolls but weak in terms of unemployment—will alter those expectations.
Since there will be no updated jobs report until mid-December, the Fed will arrive at its final meeting of 2025 with only partial visibility of labor conditions.
Outlook
The September report provides a retrospective view of a resilient labor market but shows signs of marginal cooling. Markets now await the next round of timely data, although it may arrive after key policy decisions have been made.
For now:
Hiring is stronger
unemployment is rising
and the Fed's December projections remain unchanged
Cryptocurrencies and stocks continue to receive signals mainly from the strength of earnings, technological momentum, and shifting rate expectations rather than delayed economic data.
