BREAKING: U.S. Nonfarm Payrolls came in FAR BELOW expectations.

Unemployment rate: 4.2% vs 4.1% expected

That is a 68% miss versus expectations and an 82% drop from the previous month.

Markets were already expecting hiring to slow sharply, but this report came in far weaker than expected.

After softer jobless claims and PCE data this week, the latest numbers strengthen the case for the Fed to cut interest rates sooner or more aggressively.

Lower rate expectations generally mean Treasury yields and the U.S. dollar fall, while liquidity conditions become more supportive.

That is typically bullish for stocks and crypto, because lower interest rates make risk assets more attractive and reduce borrowing costs across the economy.

However, the extremely weak jobs number and rise in unemployment also signal that the U.S. economy is slowing materially.

For now, the immediate market impact is more Fed rate-cut expectations and a potential boost for stocks and crypto, but deeper labor-market weakness could eventually bring recession fears back into focus.

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