Employment increased by only 29,000 in September. Why is Bitcoin Gold bucking the trend?

According to Woofun AI, the Bureau of Labor Statistics released employment data for September, which caused severe market shocks. Only 29,000 new jobs were added in that month. This bleak performance directly triggered a revaluation of safe-haven assets.

At 8:30 a.m. EST on Friday, the detailed indicators fell short of expectations: the unemployment rate rose to 4.2% (expected 4.1%), far exceeding the strong performance of 162,000 in August; wage growth of 3.0% (expected 3.1%), labor participation rate of 61.8% (expected 61.6%); the private sector increased by only 46,000 people (expected 81,000), and the weekly working hours were 34.4 hours (expected 34.3 hours).

According to data compiled by Woofun AI, recruitment in all major industries has almost stagnated, and the gap from 90,000 expected highlights the weak economy.

Asset prices surged in response. TradingView recorded a rise in gold from $4,178 to $4,227, and BTC from $86,450 to $87,230. The latest report was $86,767, up 3.48% in a single day, the second major increase this week (also rising when inflation fell to 3.4% on Wednesday). CoinGlass detected a total liquidation of $32.51 million, of which $27.53 million was short losses and $20.5 million in BTC-related liquidations.

At the macro level, the yield on 10-year US Treasury bonds hit a 24-year high as the Federal Reserve raised interest rates in September and J.P. Morgan Chase (JPM.US) expected to continue to raise interest rates in December. However, significant sluggishness in the job market has weakened the suppression of interest rate hikes and forced the market to reprice risks. This is yet another strong driver of recession expectations for crypto assets following the cooling of inflation.