Bitcoin dropped sharply on September 4 after the U.S. Bureau of Labor Statistics reported that the economy added 162,000 jobs in August, nearly three times the consensus estimate of roughly 53,000–58,000. The unemployment rate remained unchanged at 4.1%, while July payrolls were revised from a previously reported loss of 23,000 to a gain of 21,000. Average hourly earnings rose 0.3% month-over-month and 3.1% year-over-year.
Heading into the release, forecasts were unusually dispersed. Economists generally expected 53,000–56,000 new jobs, prediction-market traders on Kalshi priced around 46,000, and Wells Fargo projected 80,000. The actual 162,000 print therefore landed far above even the most optimistic mainstream estimates, immediately reviving the debate over whether the Federal Reserve will raise rates at its September 15–16 meeting.
Bitcoin had climbed above $81,000 before the data, with some sources placing it near $81,200 after a more than 5% gain from Thursday's open and a move above its 50-week moving average near $81,041 for the first time since late 2025. The rally had been supported by Fed Governor Christopher Waller's signal that he could back leaving interest rates unchanged if inflation continued cooling. U.S. spot Bitcoin ETFs recorded roughly $731 million in net inflows on Thursday, their strongest daily intake since January.
Immediately after the jobs report, Bitcoin fell by about $2,000 to $79,200. Strong labor market data gives the Federal Reserve more room to keep monetary policy tight, weakening the argument that the labor market needs protection from higher rates. Elevated rate expectations typically push Treasury yields and the dollar higher while reducing the appeal of risk assets such as bitcoin and high-duration technology stocks. Although the jobs report does not guarantee a September rate hike, with inflation still the central bank's biggest concern, it gives investors more to weigh ahead of next week's CPI data.
