The latest employment figures paint an interesting picture when you strip out health care and social assistance roles. Over the past four months, the nonfarm payrolls excluding these sectors show a contraction of 164k.

What does this mean for markets? When job creation slows outside of typically resilient sectors, it signals potential softening in economic momentum. This kind of data tends to ripple through asset markets—traders and institutions watch these numbers closely to gauge rate expectations and broader growth trajectories. For crypto participants tracking macro headwinds, this employment trend deserves attention alongside Fed policies and global liquidity flows.