📌 Restructuring: Full-time rise to the sky, part-time collapse

This is the biggest insight of the month:
- Full-time: +673K
- Part-time: -573K
Reverse the employment trend of August. Companies are reducing the demand for part-time labor (, which is typically used when demand is weak ), to shift to hiring full-time. This shows the restructuring policy under Trump ( tightening immigration labor + prioritizing native ).

temporarily stable.

📌 The unemployment rate jumped to 4.4% - the highest in 4 years. The U-rate increased to 4.4%, continuing to break above the stable trendline of 2022–2024.
Unemployment continues to rise and the Fed cannot ignore it.

📌 The labor force participation rate rose slightly to 62.4%.
You may wonder why it is like this; it is due to the calculation method of BLS.
- NFP is measured by the Establishment Survey (business survey).
- The unemployment rate is measured by the Household Survey (household survey).
The unemployment rate only counts those who are looking for work but have not found it. This explains why unemployment rises even though the number of new jobs also increases.

📌 Trump Era: Native labor rises to the sky + immigrant labor decreases sharply
- Native labor in September: +676K
- Immigrant labor: -70K

This data speaks to one thing: the tightening immigration policy is restructuring the U.S. labor market in the direction of "America First." This is the largest structural change in the workforce since the Reagan era.

=> After the report, the probability of cutting interest in December on the OIS market rises to the sky again.
It's not because the data is good – but due to the unemployment rate of 4.4% + the trend of softening labor which gives the Fed more reasons to cut interest rates. US stocks are strongly up, but $BTC continues to break support.