海外观察：美国2025年4月非农就业数据点评：非农保持韧性，降息节点或将推迟

Employment Data - In April 2025, the U.S. non-farm payrolls increased by 177,000, exceeding the expected 138,000[2] - The unemployment rate remained stable at 4.2%, aligning with expectations[2] - The labor force participation rate slightly increased to 62.6% from 62.5%[2] Sector Performance - The service sector added 156,000 jobs, a decrease from 161,000 in March[2] - Retail jobs decreased by 2,000, contrasting with an increase of 22,000 in March[2] - Transportation and warehousing saw a significant rise, adding 29,000 jobs compared to 2,700 in March[2] Wage Growth - Private sector hourly wages rose by 0.2% month-over-month, down from 0.3%[2] - Manufacturing wages saw a decline of 0.3%, a drop from a 0.8% increase in the previous month[2] - The information consulting sector experienced a notable increase in wages, rising from -0.1% to 1.0%[2] Immigration Impact - In April, the number of immigrants decreased by 825,000, and immigrant employment fell by 410,000[2] - The decline in immigrant numbers has led to a higher employment rate among remaining immigrants[2] Market Implications - The resilience in the job market may delay the Federal Reserve's interest rate cuts, with market expectations pushing the timeline to July with a probability of 55.2%[2]