According to The Kobeissi Letter, ADP data show U.S. companies shed about 2,500 jobs per week in October (ADP National Employment Report), while the U.S. Department of Labor reported 232,000 initial jobless claims for the week ended October 18 (U.S. Department of Labor); labor-market readings are a key input for Federal Reserve policy that transmits to rates and risk appetite across assets, including crypto (Federal Reserve).