Non-farm payroll data is not just simple noise but a typical mid-stage signal of a "soft landing path."
The reason this set of non-farm data has sparked divergent discussions is that it simultaneously presents two signals: "still expanding" and "cooling down." The addition of 64,000 jobs in November exceeds expectations, indicating that companies are not engaging in large-scale layoffs; however, the unemployment rate rising to 4.6% and the significant downward revision of October data clearly point to a marginal weakening in labor demand. This combination is not uncommon; rather, it resembles
View OriginalThe reason this set of non-farm data has sparked divergent discussions is that it simultaneously presents two signals: "still expanding" and "cooling down." The addition of 64,000 jobs in November exceeds expectations, indicating that companies are not engaging in large-scale layoffs; however, the unemployment rate rising to 4.6% and the significant downward revision of October data clearly point to a marginal weakening in labor demand. This combination is not uncommon; rather, it resembles





