凯德（北京）投资基金管理有限公司：美国劳动力市场呈现出一稳中有待观察的状态

Group 1 - The U.S. labor market showed unexpected resilience in May, with non-farm employment increasing by 139,000, surpassing market expectations of 130,000 despite a slowdown from previous months [1] - The unemployment rate remained stable at 4.2% for three consecutive months, alleviating concerns about a significant slowdown in the labor market [3] - Average hourly earnings rose by 0.4% month-over-month and 3.9% year-over-year, exceeding expectations, indicating moderate wage growth that may influence future Federal Reserve policy decisions [3] Group 2 - The healthcare sector led job growth with an addition of 62,000 jobs, significantly outperforming the 44,000 increase from the same period last year [5] - The leisure and hospitality industry contributed 48,000 new jobs, while the technology sector faced challenges, notably with DOGE laying off 22,000 employees, marking the most severe layoffs since 2020 [5] - Economic policies, particularly regarding tariffs, have created uncertainty for many businesses, leading to hesitance in future financial planning [5] Group 3 - The overall employment growth in the U.S. is characterized as a "moderate cooling," with both employees and employers awaiting clearer market signals for adjustments [7] - The May non-farm employment report, while exceeding expectations in some areas, did not present strong signals to alter Federal Reserve policy, reinforcing a cautious stance [7] - Experts believe that the continued employment growth and moderate wage increases are unlikely to trigger inflationary pressures, suggesting the Federal Reserve may remain cautious in its next steps [7]