美国11月新增非农就业6.4万人，失业率意外升至4.6%，10月就业减少10.5万人逊于预期

Group 1 - The U.S. non-farm employment data for November showed an increase of 64,000 jobs, surpassing market expectations of 50,000, but the unemployment rate unexpectedly rose to 4.6%, higher than September's 4.4% and slightly above the expected 4.5% [1] - In October, the employment figure saw a significant decline of 105,000 jobs, which was much worse than the market forecast of a decrease of 25,000 jobs, indicating a potential cooling in the job market [1] - The Bureau of Labor Statistics (BLS) noted that the impact of the government shutdown on the employment data for October and November could not be quantified, leading to uncertainties regarding the completeness and comparability of the latest figures [1] Group 2 - The healthcare sector continued to be a major contributor to job growth in November, adding 46,000 jobs, while the federal government saw a reduction of 6,000 jobs, with a significant drop of 162,000 jobs in October, which negatively impacted overall employment [2] - The transportation and warehousing sector experienced layoffs of 18,000 jobs in November, primarily in courier and logistics positions, reflecting a decline in consumer and logistics demand [2] - The manufacturing sector's job total has fallen to its lowest level since March 2022, which does not align with the expectations set by the Trump administration for a manufacturing resurgence [2] Group 3 - Wage growth showed signs of slowing, with average hourly earnings in November increasing by 3.5% year-over-year, the lowest growth rate since May 2021, indicating a narrowing space for household purchasing power improvement [3] - The current labor market is characterized by a "low layoffs, low hiring" state, with companies showing caution in recruitment and some positions potentially being replaced by artificial intelligence, leading to a noticeable decrease in seasonal hiring compared to previous years [3] Group 4 - Following the release of the employment data, the market reacted in a dovish manner, with U.S. stocks initially rising, the dollar index declining, and U.S. Treasury yields falling, as traders believed the Federal Reserve might lower interest rates twice in 2026 [4] - Traders are focusing on the rising unemployment rate and the significant drop in October employment, which they believe increases the likelihood of further easing by the Federal Reserve [5] Group 5 - Federal Reserve Chairman Jerome Powell has indicated that due to the missing data for October and the first half of November, officials will approach the interpretation of the latest statistics with "a degree of cautious skepticism," warning that official data may overestimate job growth by up to 60,000 jobs each month [6]