The November U.S. employment report just dropped, and it's showing some mixed signals for the broader market. Here's what came in: nonfarm payrolls hit 64K, falling short of the 50K estimate and significantly below October's revised 119K print. That's a pretty sharp slowdown in job creation.

On the unemployment front, things ticked up to 4.6%, slightly higher than the 4.5% forecast and a step up from the prior 4.4%. Meanwhile, wage growth appears to be moderating—hourly earnings came in at 3.5% versus expectations of 3.6%, down from 3.8% the month before.

Retail sales added another layer of caution, printing flat at 0.0% month-over-month versus a projected 0.1% gain. The previous reading was 0.2%.

What does this mean? The labor market is cooling faster than anticipated, wage pressure is easing, and consumer spending is showing signs of hesitation. For crypto and digital asset markets, weaker employment data typically signals possible monetary policy shifts and changing macroeconomic conditions that drive portfolio rebalancing.