Group 1 - The core viewpoint indicates that despite pressures on the US economy, better-than-expected non-farm payroll data has alleviated concerns about a recession, suggesting that the Federal Reserve may adopt a more patient approach [1][3][6] - In April 2025, the US added 177,000 non-farm jobs, surpassing the expected 130,000, while the unemployment rate remained stable at 4.2%, aligning with expectations [2][3] - The labor force participation rate increased to 62.6%, up from the previous 62.5%, indicating a rise in participation among older age groups [5] Group 2 - Employment in the transportation and warehousing sector saw a significant rebound, adding 29,000 jobs in April, compared to just 3,000 in March, which partially offset the negative impact of tariffs on employment data [4] - Retail and leisure/hospitality sectors experienced job losses, with retail employment decreasing by 2,000 and leisure/hospitality adding only 24,000 jobs, both significantly lower than previous values [4] - The U6 unemployment rate, which includes those working part-time for economic reasons, improved to 7.8%, down from 7.9% in the previous month, indicating better conditions in the part-time job market [5]
光大证券:非农暂时稳定 缓和市场衰退担忧