The US December employment report has just been released, and the data is not as optimistic as expected. The number of new non-farm jobs added was only 50,000, still far from the anticipated 73,000, and even lower than the revised November figure of 56,000. It appears that the employment market is slowing down.

What’s more concerning is the historical revision. The employment data for October and November was collectively cut by 76,000, indicating how overly optimistic the previous figures were. The unemployment rate did drop to 4.4%, slightly below the expected 4.5%, but this is more of a statistical artifact.

What truly raises concerns is the long-term trend. The average monthly new jobs in 2025 is projected to be only 4,900, compared to an average of 16,800 for the entire last year. The growth rate has plummeted to nearly one-third of its previous level. What impact does this have on Federal Reserve policies? What does it mean for liquidity expectations in the crypto market? The market is digesting these signals.