天风证券：本次美国非农就业数据好坏参半，明年一季度仍有降息落地的可能性

Core Viewpoint - The recent US non-farm payroll data presents mixed signals, with a higher-than-expected unemployment rate potentially influenced by government shutdowns, while non-farm employment figures exceeded expectations but showed poor structural quality [1] Group 1: Employment Data Analysis - Non-farm employment total exceeded expectations, but the previous figures were revised downward [1] - The unemployment rate was higher than anticipated, indicating potential weaknesses in the labor market [1] Group 2: Wage Growth and Federal Reserve Implications - November non-farm wage growth also exceeded expectations but showed signs of slowing down [1] - The labor market may have further weakening potential, suggesting that the Federal Reserve may prioritize "downside risks to employment" over "upside risks to inflation," with a possibility of interest rate cuts in the first quarter of next year [1]