According to The Kobeissi Letter, the US professional and business services sector has experienced a loss of 248,000 jobs since May 2023, with jobs contracting for 17 consecutive months, the longest streak since 2008. This prolonged contraction signals potential economic instability, which could increase volatility in cryptocurrency markets as investors seek alternative assets.

According to @KobeissiLetter, Washington DC has experienced a dramatic increase in unemployment filings, surging by 36% in one week to three times the 2024 average. Over the past six weeks, filings have risen by 55%, surpassing 2008 levels. This significant rise in unemployment filings could indicate potential economic instability, affecting consumer spending and business investments in the region.