A rough report on the US labor market is sending stocks and crypto lower as the week comes to a close.
The new employment outline from the Bureau of Labor Statistics shows 22,000 jobs were added last month, far below economists’ expectations of 76,500.
[adinserter block="1"]Meanwhile, the number of people holding multiple jobs has hit 8.785 million, jumping by 443,000.
That’s the largest increase since 2020 and a near record-high.
The numbers brought the market’s expectations of an incoming 25-point rate cut to 88.1%, according to the CME’s FedWatch tracker, with the odds of a 50-point cut jumping from 0% yesterday to 11.9% today.
The jobs report sent the Dow down 240 points at time of publishing, with the S&P 500 down 39 points and the Nasdaq down 51 points.
Bitcoin (BTC) is down $711 on the day, at $110,892.
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