US employment data disappoints again.

On the evening of December 3, ADP (Automatic Data Processing, Inc.) released its latest report: private sector employment in November not only failed to increase but actually fell, with a net loss of 32,000 jobs. This number stunned the market—economists had previously forecast an increase of 10,000 jobs.

What's more interesting is that October's data was quietly revised upward. The original report showed an increase of 42,000 jobs, but now it's been revised to 47,000. An extra 5,000 jobs sounds nice, but in the context of November's sudden downturn, this small correction is hardly reassuring.

Once the data was released, the market reaction was quite nuanced. Spot gold saw a modest uptick as risk-off sentiment started to emerge; US stock futures, however, showed little movement, with investors apparently still waiting and seeing. On the crypto side, BTC and ETH continued to rebound, seemingly unfazed by the employment numbers for now.

That said, private sector job growth has been weak for two consecutive months, which is not a good sign. If the labor market truly cools down, the entire economy will be affected. For the crypto market, such deterioration in macro data could lead to expectations of Fed rate cuts (a positive for risk assets) or spark concerns about an economic recession (weighing on market sentiment). The market's performance in the coming days will be worth watching closely.