US jobs revision turns July’s 21,000 gain into a 10,000 loss

Key Summary

The US Bureau of Labor Statistics revised July and August payroll gains downward, reducing the initial 21,000 job gain to a 10,000 loss, and August's 162,000 to 133,000. The 60,000 adjustment affects the labor-based case for a Federal Reserve hike, potentially easing policy pressure on Bitcoin. Average hourly earnings rose 0.1% monthly and 3.0% annually, below earlier estimates. This revised data may reduce the threat of higher discount rates, a potential pressure on speculative assets, including Bitcoin.