TechFlow news, November 20 — According to Jinshi Data, UK financial commentators noted that the US September non-farm payroll report showed an unexpected rebound in the labor market, complicating the Federal Reserve's decision on whether to cut interest rates next month. The 119,000 new non-farm jobs added in September, as released on Thursday, surpassed both the 50,000 forecast by surveyed economists and the revised figure of 22,000 for August. The unemployment rate rose from 4.3% in August to 4.4%, the highest since 2021. This report marks the first economic health indicator released by the US Bureau of Labor Statistics since official data publication was interrupted due to the US federal government’s record shutdown. The stronger-than-expected data will strengthen the position of hawkish members on the Federal Open Market Committee, who have consistently warned against cutting rates too quickly. Following the data release, US Treasury yields and the dollar index both declined. Although President Trump has long pressured the Fed to lower rates, deep divisions have emerged within the central bank: one faction advocates continuing rate cuts at the December meeting to support the labor market, while the other fears such moves could heighten inflation risks. The government shutdown has further complicated the Fed’s decision-making—routine economic reports were suspended, and the Bureau of Labor Statistics announced on Wednesday that, due to halted data collection during the shutdown, it would not release a separate employment report for October; some data will instead be combined into the November report.
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