BTC ETH Market Watch

US Employment Data Cools Again, Starting 2026 with a Reality Check for the Market. According to the latest released data, US December ADP employment growth was only 41,000, not only far below the market expectation of 50,000, but also reflects the lack of momentum in the labor market.

Looking at the performance of various sectors provides further evidence. Large enterprises are continuing to contract, which is a warning signal worth noting. However, small and micro enterprises have shown some improvement, with recruitment activities restarting, though the momentum is still insufficient to lead overall growth. From an industry perspective, education, healthcare, and leisure services have held the line, but professional services and manufacturing continue to decline.

Interestingly, job-switching wage growth rebounded to 6.6%, indicating that the talent competition between enterprises and employees is surging below the surface. While total recruitment is slowing, the competition for talent remains fierce.

The real suspense lies ahead. Friday's non-farm payroll report is the key. Whether unemployment can decline and how the Federal Reserve adjusts its subsequent policies will directly impact market direction. The dialogue between employment and inflation has entered the most critical stage, and crypto market investors are all waiting for this decisive moment.