Share this article
U.S. Added Just 22K Jobs in August as Unemployment Rate Rose to 4.3%
The soft numbers not only cement the case for a Fed rate cut later this month, but likely put a 50 basis point move on the table versus the previously expected 25.
Updated Sep 5, 2025, 1:07 p.m. Published Sep 5, 2025, 12:33 p.m.
What to know:
- Nonfarm payrolls rose 22,000 versus forecasts for 75,000.
- The unemployment rate rose to 4.3%, in line with expectations.
- The data likely cements the case for a rate cut at the Fed's Sept. 16-17 meeting, but bitcoin so far is reacting only modestly.
The employment situation in the U.S. continued to show softness last month, likely sealing the deal for a rate cut at the Federal Reserve's upcoming meeting in mid-September.
Nonfarm payrolls rose by 22,000 in August, according to a Bureau of Labor Statistics report released Friday morning. That was shy of economist forecasts for 75,000 and July's 79,000 (revised from an originally reported 73,000). Alongside July's 6,000 job upward revision, June's number was revised lower by 27,000 to a negative 13,000 in what would have been the first negative monthly jobs print since the Covid lockdowns of 2020.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The unemployment rate rose to 4.3%, in line with forecasts and up from July's 4.2%.
Average hourly earnings rose 0.3% for the month and 3.7% year-over-year, both matching forecasts.
Financial markets reacted immediately, with bitcoin adding about $500 to $112,800 in the minutes following the report. The "it" asset of the moment, gold shot higher by more than 1% to a new record of $3,644 per ounce.
U.S. stock index futures added modestly to previous gains, the dollar weakened and the 10-year Treasury yield fell six basis points to 4.11%.
50 basis point cut on the table
Though rising modestly overnight in the hours ahead of the jobs report, bitcoin had been under sizable pressure since hitting a record high above $124,000 in mid-August, falling to as low as $107,400 earlier this week. Even Fed Chairman Jerome Powell flipping from hawk to dove at his Jackson Hole speech on Aug. 22 failed to ignite anything more than a one-day rally.
Not entering the debate at all in past weeks was the idea that the Fed might cut rates by 50 basis points instead of the assumed 25. This morning's soft numbers, however, may prompt that discussion to get started. All things being equal, easier monetary policy is assumed to be good for risk assets, bitcoin among them. If the idea of a 50 basis point move this month fails to re-ignite animal spirits in crypto, the bulls might have to reconsider their stance.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto wallet firm Ledger faces customer data breach through payment processor Global-e
Ledger is dealing with a new data exposure incident involving its third-party payment processor, Global-e, according to pseudonymous blockchain sleuth ZachXBT.
What to know:
- Ledger is dealing with a new data exposure incident involving its third-party payment processor, Global-e.
- Unauthorized access to Ledger users' personal details was detected, including names and contact information.
- The number of affected clients remains undisclosed.
Top Stories
