5月非农超预期但增速放缓 美联储降息或将推迟

Core Insights - The U.S. non-farm payrolls increased by 139,000 in May, surpassing market expectations of 130,000, although the previous month's figure was revised down to 147,000, indicating a slowdown in job growth [1] - The unemployment rate remained steady at 4.2% for the third consecutive month, which may provide the Federal Reserve with the space to delay interest rate cuts [1] - The U.S. economy needs to create approximately 100,000 jobs per month to keep pace with the growth of the working-age population, a figure that may decline due to the revocation of temporary legal status for hundreds of thousands of immigrants [1] Employment Trends - The majority of job growth this year reflects companies hoarding workers amid uncertainty over trade policies, which has hindered employers' ability to plan ahead [1] - Conservative Republican senators and figures like Elon Musk have opposed President Trump's tax and spending plans, adding another layer of uncertainty for businesses [1] - Employers' reluctance to lay off workers may lead the Federal Reserve to adopt a wait-and-see approach until the end of the year [1] Federal Reserve Outlook - Financial markets expect the Federal Reserve to maintain the benchmark overnight interest rate in the range of 4.25%-4.50% this month, with a potential return to easing policies in September [1]