【数据分析】6月非农就业数据点评：就业市场需求分化，拐点或将到来

Employment Data - In June, the U.S. added 206,000 non-farm jobs, exceeding the expectation of 190,000, while the previous value was revised down to 218,000[11] - The growth in non-farm employment was primarily driven by the education and healthcare sector (+82,000), government (+70,000), and construction (+27,000)[3] - The education and healthcare sector accounted for 40% of the new jobs, while the government sector contributed 34%[3] Labor Market Trends - The unemployment rate in June recorded at 4.1%, higher than the previous value and expectation of 4.0%, marking the highest level since June 2022[13] - The labor market is experiencing a structural adjustment, with new positions mainly coming from the public sector, while private sector job growth is primarily supported by education and healthcare[13] - The average wage growth in June was 3.9% year-on-year, consistent with expectations but lower than the previous value of 4.1%[12] Small and Medium Enterprises (SMEs) - High interest rates continue to pressure the labor absorption capacity of small and medium enterprises, with refinancing pressures potentially suppressing their labor demand[2] - Large enterprises, having locked in low rates during the pandemic, are experiencing slower declines in labor demand due to reduced interest repayment pressures[2] - The labor demand from small enterprises, which account for nearly 50% of the labor market, may continue to be under pressure in a high interest rate environment[8]