According to CoinDesk, the US Bureau of Labor Statistics reported that 336,000 jobs were added in September, significantly surpassing economist forecasts of 170,000. Additionally, August's initially reported 187,000 jobs gained was revised to 227,000. Despite expectations for a decline to 3.7%, the unemployment rate remained unchanged at 3.8%. Following the news, the price of bitcoin (BTC) fell just under 1% to $27,530.

This month's jobs numbers have taken on particular importance due to the recent rout in government bond prices, which has seen the yield on the 10-year Treasury note rise from just above 4% to as high as 4.80% earlier this week. This sharp increase in rates has impacted the stock market, with the Nasdaq and S&P 500 both down by about 6% since September 1. However, bitcoin has managed to hold its own, rising from around $26,000 to $27,700 ahead of the employment news.

Following the report, stock and bond prices continued to decline, with Nasdaq 100 futures down more than 1% and the 10-year Treasury yield higher by eight basis points to just under 4.80%. The CME FedWatch tool now indicates a 31% chance of a US Federal Reserve rate hike at its next policy meeting in November, up from 24% before the jobs report. In other report details, average hourly earnings were softer than expected, rising 0.2% in September versus forecasts for 0.3% and against August's 0.2%. On a year-over-year basis, average hourly earnings were higher by 4.2% versus 4.3% expected and 4.3% last month.