白话拆解丨“小非农”又爆冷是白宫政策的“果”还是美联储的“错”？

Group 1 - The core point of the article highlights that the U.S. private sector added only 37,000 jobs in May, significantly below the market expectation of 110,000 and the previous month's figure of 62,000, marking the lowest level since March 2023 [1][6] - The report indicates that the majority of new jobs were in the service sector, particularly in leisure and hospitality, while manufacturing jobs decreased by 3,000 [6] - The uncertainty surrounding U.S. trade policies is cited as a major factor contributing to the reduced demand for hiring, with companies hesitant to recruit new employees [3][6] Group 2 - The Federal Reserve's latest Beige Book reported a decline in labor demand, reduced working hours, hiring freezes, and plans for layoffs across all regions [8] - The term "tariffs" appeared 122 times in the Beige Book, indicating a strong focus on how tariff policies are increasing economic uncertainty [12] - Federal Reserve Chairman Jerome Powell has stated that the current economic challenges are not a result of the Fed's monetary policy, which complicates the decision to lower interest rates [12]