US Adds 165,000 Jobs in October, More Than Triple the Recent Pace, as Bitcoin ETFs Lose $1.28 Billion in a Week

US payrolls rose 165,000 in October and unemployment held at 4.1%, BLS said, boosting the case for a Fed hike as Bitcoin ETFs lost $1.28 billion in a week.

Nov 07, 2026 - 13:12

Updated: 9 hours ago

US Adds 165,000 Jobs in October, More Than Triple the Recent Pace, as Bitcoin ETFs Lose $1.28 Billion in a Week

Graphic-novel illustration of a gold Bitcoin coin on hard hats, briefcases and stethoscopes beside rising green bars, with workers walking to the Federal Reserve at sunrise

Published November 7, 2026 (BLS release of November 6). Market data as of November 7, 08:00 UTC.

Quick take

US payrolls rose 165,000 in October, more than three times the 48,000 monthly average of the prior year.
Unemployment held at 4.1%, and August and September were revised up by a combined 84,000 jobs.
Bitcoin ETFs lost $1.28 billion over the week as two-year Treasury yields climbed after the report.

US employers added 165,000 jobs in October and the unemployment rate held at 4.1%, the Bureau of Labor Statistics said on Friday, Nov. 6, a stronger reading that gives the Federal Reserve's hawks fresh ammunition five weeks before its December meeting.

The number stands out against the recent trend. October's gain was more than three times the average monthly increase of 48,000 over the previous 12 months, according to the BLS Employment Situation report. It also follows a September figure that was first reported at just 29,000, which had fed talk of a cooling labor market.

"Total nonfarm payroll employment rose by 165,000 in October, and the unemployment rate changed little at 4.1 percent," the BLS said in its release. Hiring was led by professional and business services, health care, and transportation and warehousing.

The details point the same way. Professional and business services added 70,000 jobs, well above its 15,000 monthly average. Health care added 42,000 and transportation and warehousing 25,000, while manufacturing rose another 19,000.

The revisions matter as much as the headline. August was revised up from 133,000 to 186,000 and September from 29,000 to 60,000. By BullishStation's count, that lifts the three-month average to about 137,000 jobs, a very different picture from the weak September print that markets saw a month ago.

Why a strong jobs report is a headache for the Fed

The Fed is split, and this report lands on the hawkish side of the argument. On Oct. 28 the Federal Open Market Committee kept its target range at 3.75% to 4.00% by a 10-2 vote. Lisa Cook and Beth Hammack dissented because they "preferred to raise the target range for the federal funds rate by 1/4 percentage point," according to the FOMC statement.

The same statement said "inflation remains elevated." September consumer prices rose 3.7% from a year earlier, as tracked in our CPI and crypto inflation tracker. A firm labor market removes one of the main reasons to wait, which is why Hammack's case for restrictive policy now carries more weight.

That said, wages are not running hot. Average hourly earnings rose 0.4% in October to $38.00, and 3.1% over 12 months. By our count, that is 0.6 percentage point below September's 3.7% inflation rate, which means real pay is still shrinking. The number of people working part time for economic reasons also jumped by 339,000 to 4.8 million.

Bond traders focused on the headline. The two-year Treasury yield, the maturity most sensitive to Fed expectations, rose from 4.46% on Thursday to 4.51% on Friday, according to the Treasury's daily yield curve. The 10-year yield edged up from 4.84% to 4.86%.

For crypto, the chain runs from there. Higher odds of a hike mean a higher return on cash, a stronger case for holding Treasuries instead of risk assets, and less demand for Bitcoin ETFs. Our guide to how Fed rates affect Bitcoin explains that link in more detail.

The flows already show it. US spot Bitcoin ETFs recorded net outflows of $411.9 million on Friday and $430.2 million on Thursday, according to Farside Investors. By our count, the funds lost $1.28 billion over the five sessions from Nov. 2 to Nov. 6, with only Wednesday bringing money in. Ether ETFs lost $365 million over the same week, per Farside's Ether data. Daily figures are in our Bitcoin ETF flows tracker.

Bitcoin's price reaction was modest. It traded near $75,900 on Coinbase just before the 8:30 a.m. ET release, fell to a low of $74,722 in the following two hours, then recovered to about $76,000 by Saturday morning. By our count, the post-release dip was about 1.6%.

History offers a guide. In 2022 and 2023, strong payroll reports repeatedly pushed back expectations of Fed cuts and weighed on Bitcoin, because a tight labor market kept inflation sticky. The difference now is that the Fed is debating a hike, not a cut, after its first increase since 2023 in September.

The next test comes fast. The October consumer price index is due on Tuesday, Nov. 10, at 8:30 a.m. ET, and the Fed announces its next decision on Wednesday, Dec. 9. The November jobs report, the last before that meeting, is scheduled for Friday, Dec. 4.

Latest: Bank of England raises rates to 4%, its first hike since 2023 (Nov. 5, 2026)

Latest: China's central bank adds 26 tonnes of gold in October as prices slide

Sources: Bureau of Labor Statistics, Employment Situation for October 2026 (USDL-26-1632, Nov. 6, 2026); Federal Reserve FOMC statement (Oct. 28, 2026); US Treasury daily par yield curve (Nov. 5–6, 2026); Farside Investors Bitcoin and Ether ETF flows; Coinbase BTC-USD hourly prices.

This article is for information only and is not investment advice. Crypto assets are volatile and you can lose money.