According to @KobeissiLetter, the Chicago Fed estimates the U.S. unemployment rate increased to 4.36% in October, the highest since October 2021, with the rise tied to slower hiring, higher layoffs, quits, retirements, and the government shutdown, source: @KobeissiLetter citing Chicago Fed. The unemployment rate has risen by a full percentage point since May 2023, source: @KobeissiLetter. US-based employers announced 1,099,500 layoffs year-to-date, nearly matching the pace seen in 2009, according to Challenger, Gray & Christmas, source: @KobeissiLetter citing Challenger, Gray & Christmas. Given the Federal Reserve’s dual mandate that includes maximum employment, labor conditions are a key policy input that markets track for rates, the USD, and crypto exposure such as BTC and ETH, source: Board of Governors of the Federal Reserve System.

According to Crypto Rover, the US unemployment rate came in at 4.2%, slightly above the expected 4.1%. This data is considered bullish for Bitcoin as it may influence Federal Reserve policies towards maintaining lower interest rates, which can boost investment in riskier assets like cryptocurrencies.

According to Crypto Rover (@rovercrc), the US unemployment rate has risen to 4.1%, higher than the expected 4.0%. This unexpected increase could be bullish for Bitcoin, as investors might turn to cryptocurrencies as an alternative investment during times of economic uncertainty.

According to The Kobeissi Letter, Bloomberg News' story count on job cuts, firings, and layoffs surged to 15,651 last week, marking the highest in over a year. This doubling of reports over three weeks indicates a potential spike in the US unemployment rate, coinciding with significant workforce reductions by DOGE.