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US labor market showing cracks:
Nonfarm payrolls dropped 164,000 over four months when you strip out healthcare and social assistance—the steepest decline since the 2020 crash. Sounds rough, right? But here's the twist: total payroll additions still came in at +41,000 for the same stretch.
What's happening under the hood matters. The peripheral sectors are getting hammered while healthcare keeps the headline numbers afloat. This kind of divergence typically signals economic caution ahead. For crypto and asset markets, employment weakness historically correlates with shifts in monetary policy and risk appetite. Worth watching as it could ripple through financial conditions.