海外观察：美国2025年5月非农数据：就业表面虽有韧性，背后暗涌不容忽视

Employment Data Summary - In May 2025, the U.S. added 139,000 non-farm jobs, slightly above the expected 126,000, but down from the previous month's revised figure of 147,000[1] - The unemployment rate remained stable at 4.2%, while the labor force participation rate decreased from 62.6% to 62.4%[2] - The ADP report indicated a surprising drop, which lowered market expectations for the NFP figures[2] Sector Performance - The service sector contributed significantly with 145,000 new jobs, particularly in education and healthcare (87,000) and leisure and hospitality (48,000)[2] - The manufacturing sector saw a decline, with a loss of 5,000 jobs, attributed to a slowdown in retail demand impacting production[2] - Government employment decreased slightly by 1,000 jobs, primarily due to federal layoffs, although local government jobs increased[2] Wage Growth and Market Implications - Average hourly earnings showed an upward trend across most sectors, excluding retail and transportation, indicating persistent wage growth[2] - The data suggests that the Federal Reserve may not rush to cut interest rates due to the sticky wage levels, despite the overall cooling in the job market[2] - Following the report, market risk appetite increased, leading to higher U.S. Treasury yields and a stronger dollar[2]