新加坡华侨投资基金管理有限公司：美国新增就业超预期，但薪资增速放缓暗示经济降温

Group 1 - The September non-farm payroll data in the U.S. exceeded market expectations, with an increase of 119,000 jobs, significantly higher than the forecast of 50,000 jobs [1] - The unemployment rate unexpectedly rose to 4.4%, the highest level since October 2021, indicating a complex situation in the U.S. labor market [1][3] - The report revised previous months' data significantly, with August's job additions revised down from 22,000 to a decrease of 4,000, and July's data adjusted from 79,000 to 72,000, resulting in a cumulative reduction of 33,000 jobs for July and August [3] Group 2 - Job growth was uneven across industries, with healthcare adding 43,000 jobs, restaurants increasing by 37,000, and social assistance contributing 14,000 jobs, while transportation and warehousing lost 25,000 jobs, and manufacturing employment declined for the sixth consecutive month [3][5] - Average hourly earnings rose by 0.2% month-over-month and 3.8% year-over-year, indicating a slowdown in wage growth alongside the rising unemployment rate, suggesting internal pressures in the labor market [5] - The report is significant as it is the last complete employment data available before the Federal Reserve's December meeting, complicating their decision-making process [5][7] Group 3 - Analysts noted that despite strong surface-level employment data, underlying weaknesses exist, with cautious hiring intentions reflected in the rising unemployment rate and faster growth in job seekers compared to job openings [7] - The labor market is facing a structural adjustment amid rapid advancements in artificial intelligence and economic uncertainties, which may lead to a continued imbalance in the job market as the year ends [7]