The Kobeissi Letter highlights a continued downturn in the US manufacturing sector, noting that the economy lost 6,000 manufacturing jobs in September. This represents the fifth consecutive monthly contraction. The total decline over this period amounts to 58,000 jobs, bringing the total to 12.71 million, the lowest level since March 2022. This persistent weakness signals continued cooling in the labor market, a trend that macro analysts are watching closely. Further analyzing the September data, The Kobeissi Letter has flagged broader concerns regarding the US labor market. While the headline number showed a total addition of 97,000 jobs, private payrolls reportedly declined by 9,000 when excluding specific service sectors like leisure, hospitality, education, and healthcare. This contraction in core sectors suggests potential economic fragility beneath the surface figures. Crypto markets continue to monitor such macro indicators closely, as signs of a recession could impact asset valuations. [Update 1] Added new analysis regarding private payrolls excluding service sectors, showing a contraction of 9,000 jobs despite positive headline numbers.