Non-farm payrolls increased by just 22,000 jobs in August, far below expectations. June was revised to show job losses, while July improved slightly. Despite the slowdown, the unemployment rate sits at 4.3%, but the broader U6 measure—counting part-time and discouraged workers—is closer to 8%, showing more weakness under the surface. In contrast, the ISM services index, which makes up 72% of the economy, stayed solid. New orders and business activity point to ongoing growth, while rising prices hint that inflation could heat up again. Historically, ISM price trends show up in CPI with a lag of three to four months. For crypto, the mix is complicated. Weaker jobs data could push the Fed toward rate cuts, a potential boost for Bitcoin and other risk assets. At the same time, stronger services and sticky inflation may limit how dovish the Fed can be. This tug-of-war creates uncertainty but also fuels volatility, which often benefits active traders in crypto markets. In contrast, the ISM services index, which makes up 72% of the economy, stayed solid. New orders and business activity point to ongoing growth, while rising prices hint that inflation could heat up again. Historically, ISM price trends show up in CPI with a lag of three to four months. For crypto, the mix is complicated. Weaker jobs data could push the Fed toward rate cuts, a potential boost for Bitcoin and other risk assets. At the same time, stronger services and sticky inflation may limit how dovish the Fed can be. This tug-of-war creates uncertainty but also fuels volatility, which often benefits active traders in crypto markets. For crypto, the mix is complicated. Weaker jobs data could push the Fed toward rate cuts, a potential boost for Bitcoin and other risk assets. At the same time, stronger services and sticky inflation may limit how dovish the Fed can be. This tug-of-war creates uncertainty but also fuels volatility, which often benefits active traders in crypto markets.