The long-delayed September 2025 U.S. jobs report has been published after a 43-day federal shutdown, revealing a labor market that is barely growing. Employers added 119,000 jobs in September, with the unemployment rate holding at 4.4%, leaving approximately 7.6 million Americans unemployed—a noticeable increase from 6.9 million a year earlier.
Key labor metrics showed little movement: the labor-force participation rate remained at 62.4%, and the employment-population ratio at 59.7%. Long-term unemployment persisted at 1.8 million people, representing nearly a quarter of all unemployed workers. Job gains were concentrated in service sectors like health care and food services, while transportation and federal employment declined.
The shutdown significantly disrupted data collection, with the household survey conducted pre-shutdown and establishment data mixed. The response rate for businesses was 80.2%, higher than usual due to electronic submissions. Consequently, the October report was skipped, and the next full release combining October and November data is scheduled for December 16, 2025.
This cooling labor market has triggered retail panic selling in cryptocurrencies, particularly affecting Bitcoin, Ethereum, and XRP. Analysts suggest this sell-off could signal a potential market rebound as economic uncertainty influences investor behavior. The data may impact Federal Reserve policy, with policymakers cautious about further interest rate cuts amid inflation concerns.
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