凯德（北京）投资基金管理有限公司：美国四月份非农就业人数超出市场预期

Group 1 - The U.S. job market shows resilience with a non-farm payroll increase of 177,000 in April, surpassing the market expectation of 138,000 [1] - The unemployment rate remains stable at 4.2%, indicating no significant changes in the labor market [1] - The healthcare sector leads in job growth, while transportation and warehousing also see the largest increase since December of the previous year [3] Group 2 - The manufacturing sector experiences its most severe contraction since 2020, resulting in job losses and signaling signs of economic slowdown [3] - There is a rising trend in layoffs, with predictions of at least 500,000 jobs at risk due to the impact of tariff policies [3] - Job vacancies in March hit a nine-month low, reflecting a decrease in hiring intentions among businesses [3] Group 3 - Despite strong employment data, the Federal Reserve's interest rate decisions remain uncertain, with expectations of multiple rate cuts in the coming months [3] - Economic uncertainty is causing businesses to slow down expansion plans, particularly in export and import-dependent industries [3] - The overall employment situation is robust, but the ongoing impact of tariff policies may pose greater challenges in the coming months [4]