Core Insights - The upcoming January non-farm payroll report is expected to show a decline in job growth, but this is not indicative of economic weakness, rather a structural adjustment in the labor market [1] - The average monthly job additions in November and December were 53,000, significantly lower than the pre-pandemic average of 183,000 and the later stages of the Biden administration [1] - Kevin Hassett suggests that productivity improvements are becoming a new support for economic growth, allowing the economy to grow despite a limited labor force and lower job additions [1] Labor Market Dynamics - The labor market is experiencing a dual decline in supply and demand, leading to lower job additions while maintaining stable unemployment rates [2] - The Federal Reserve's policy direction will depend on whether the slowdown in job growth is due to supply constraints or weak demand [2] - The market anticipates that the January non-farm payroll may add approximately 70,000 jobs, with the unemployment rate expected to remain around 4.4% [2]
白宫预警非农新增就业或回落 去年11-12月月均新增5.3万远低于疫前18.3万均值 1月就业报告周三发布
Sou Hu Cai Jing·2026-02-10 03:05