两年半最差！美国小非农意外利空，美联储鹰派是否会让步

Core Insights - In November, the U.S. private sector experienced a significant job loss of 120,000 positions, marking the largest decline in nearly two and a half years, primarily driven by small businesses [1] - This marks the third instance of job losses in the private sector within four months, indicating a general slowdown in hiring activities [1] - The report from Automatic Data Processing (ADP) highlighted a reduction of 32,000 jobs in the overall market, the largest drop since March 2023 [1] Employment Trends - Small businesses accounted for the loss of 120,000 jobs, attributed to increased costs from import tariffs [1] - In contrast, medium-sized businesses added 51,000 jobs, while large enterprises saw an increase of 39,000 jobs [1] Economic Implications - The ongoing trend of job losses could lead to a rise in the unemployment rate and negatively impact the economy [1] - The upcoming Federal Reserve meeting is expected to address these employment trends, potentially concluding the speculation around interest rate cuts [1]