The U.S. private sector is showing signs of cooling. In 2025, employers averaged just 61,000 new jobs per month—marking the slowest expansion pace outside of recession periods since the 2003 jobless recovery era. What does this mean for markets? When employment growth slows while inflation pressures persist, it typically shifts asset allocation strategies. For crypto investors tracking macro trends, this data point matters: slower job growth often precedes shifts in central bank policy and risk appetite. The comparison to 2003 is telling—that was a transitional period where traditional markets struggled to find traction before the next bull cycle.