The American labor market essentially stalled throughout 2025, and here's what worries traders: if things worsen even slightly in 2026, we could see a genuine crackdown. When employment starts deteriorating rapidly, you're usually looking at the Fed stepping in—or already caught off guard. This matters because labor data feeds directly into monetary policy decisions, which ripples through everything: dollar strength, tech stock valuations, and ultimately, how capital flows into crypto and risk assets. The question isn't whether the data will soften—it's how quickly. A 2026 collapse in hiring would force a pivot, and those turning points historically create chaotic repricing across all markets. Watch the monthly employment numbers like a hawk.