According to Odaily Planet Daily, 10x Research pointed out in its market analysis that although most people's attention is focused on US employment data, the ISM manufacturing index has triggered a 10% market adjustment in the first week of each month in the past three months.

Employment data plays a key role in shaping market sentiment. Weak employment data heightens recession fears and increases expectations for Federal Reserve rate cuts, while strong employment data reassures investors.

The ISM index may accurately reflect the state of the economy. However, the market has been interpreting the employment data through lower inflation, which is expected to give the Fed more room for aggressive action. In July this year, 10x Research had emphasized that the ISM may indicate the end of the Bitcoin cycle.

This month’s ISM data, released at 10 a.m. ET on Oct. 1, will be crucial in gauging the outlook for the U.S. economy.