US August payrolls top forecasts; bitcoin and gold fall

The U.S. added 162,000 nonfarm payrolls in August, the Bureau of Labor Statistics reported, well above the 55,000 consensus. Revisions added 55,000 jobs to June and July combined, flipping July from a reported loss of 23,000 to a 21,000 gain and raising June’s figure to 31,000 from 20,000. The unemployment rate held at 4.1%. Average hourly earnings rose 0.3% month over month to $37.75, bringing the year‑over‑year gain to 3.1% versus a 3.0% forecast.

Leisure and hospitality led the August gains with about 62,000 jobs, including roughly 55,000 in food services and drinking places. Local government education added about 42,000 jobs, reversing much of July’s decline. The three‑month average payroll gain moved to about 71,000 from 38,000 the prior month.

Markets reacted within minutes. Bitcoin was near $81,340 before the release, fell to $79,661 inside a five‑minute candle, a decline of about 1.8%, and later traded close to $79,860. Gold slid from roughly $4,473 to $4,376 an ounce in the same window, a drop near 1.75%. High leverage in crypto markets amplified price moves: long positions worth about $202 million were liquidated in one hour, and total liquidations reached roughly $768.5 million over 24 hours.

Traders had pushed up prices for bitcoin and gold earlier in the week after comments from a Federal Reserve governor that reduced the odds of a September rate increase. The stronger payrolls print and upward revisions shifted market pricing toward a higher probability of another Fed rate hike. Investors will watch U.S. consumer price data due on September 11 for further guidance ahead of the Fed’s September decision.

A market participant posted on social media after the sharp liquidations: “NFP took your SL. Don’t let revenge trading take your account too.” Participants and portfolio managers pointed to the headline payroll print and the revisions as reasons the labor market appears firmer than recent data had indicated, and they cited those factors when explaining the rapid repricing in rates and assets.