The US November ADP employment data has just been released, and the results are a bit surprising—the number of private sector jobs decreased by 32,000. This figure is not only far below the market expectation of a 10,000 increase, but also marks the lowest level since March 2023.

What’s even more noteworthy is that October’s data was revised upward, from the original 42,000 to 47,000. However, even with this adjustment, November’s negative growth stands out sharply.

Weak employment data often signals an economic slowdown. For the crypto market, such macro-level changes could influence the Federal Reserve’s monetary policy direction, which in turn may impact the performance of risk assets. How the market digests this data in the coming days is worth paying close attention to.