Why Job Market Resilience May Lead to US Fed Raising Interest Rates

Employment in the United States increased by 263,000 in Sept., according to the latest job market report from the US Labor Department.

While this figure demonstrates the resilience of the U.S. labor market, it also represents a drop from the additional 315,000 jobs gained during the month prior.

Stock futures reacted particularly badly to the news, with Dow Jones Industrial Average futures falling 300 points, or 1%, S&P 500 futures losing 1.3%, while futures tied to the Nasdaq 100 dropped 1.8%.

Meanwhile, crypto markets also slipped in reaction to the news, with Bitcoin dropping over 2%, with a reported $12 million in liquidations, and Ethereum down 1.75% over the past hour. 

The latest employment situation summary from the U.S. Bureau of Labor Statistics highlighted significant job gains in the leisure, hospitality, and healthcare sectors.

The 263,000 figure generally fell in line with estimates, which ranged between 250,000, according to forecasters surveyed by FactSet, and 275,000, according to economists surveyed by Dow Jon