Non-farm employment in the US fell short of expectations in September

According to the employment report released for September in the US, nonfarm employment fell short of expectations, increasing by 29,000. Following the data showing the unemployment rate rising to 4.2%, bond yields dropped while gold prices moved upward.

Employment Report and Revisions

Nonfarm employment in the US increased by 29,000 in September. Meanwhile, downward revisions were made to data from previous months.

Employment change for July was revised from an increase of 21,000 to a decline of 10,000, while the increase for August was revised from 162,000 to 133,000.

Unemployment Rate and Labor Market

The country's unemployment rate increased by 0.1 percentage point in September to reach 4.2%. The total number of unemployed people in the country rose by 78,000 to 7,109,000.

According to the data, the labor force participation rate stood at 61,8%, while the average weekly working hours were 34.4 hours.

Earnings and Sectoral Distribution

Average hourly earnings increased by 0.1% on a monthly basis and 3% annually in September, rising to $37.81.

It was also noted that employment in the manufacturing sector increased by 9,000 during this period.

Bond Yields and the Dollar Index

Following the weak employment data, the US 10-year Treasury yield dropped to 5.18%.

During the same period, the 2-year bond yield fell to 4.73%, and the dollar index saw a 0.1% decline to 101.9.

Gold and Precious Metals

Gold, which was at $4,186 per ounce before the data, climbed up to $4,227 following the announcement and traded at $4,209 as of 16:00.

Among precious metals, the ounce price of silver also rose by 1.7% to around $62.

Cryptocurrency Markets

The volatility in the markets was also reflected in crypto asset prices, with various digital currencies gaining value.

Bitcoin increased by 2.6% to reach the $86,800 level, while Ethereum hovered around $2,755 with a 2.1% gain.