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 - In May 2025, the U.S. added 139,000 non-farm jobs, slightly above the expected 126,000, but down from a revised 147,000 in April[1] - The unemployment rate remained stable at 4.2%, while the labor force participation rate decreased from 62.6% to 62.4%[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, losing 5,000 jobs, attributed to a drop in retail demand impacting production[2] Wage Growth and Inflation - Average hourly earnings increased across most sectors, excluding retail and transportation, indicating persistent wage growth[2] - The report suggests that despite the job growth, the Federal Reserve may not rush to cut interest rates due to sticky wage levels and inflation concerns[2] Market Reactions - Following the employment data release, market risk appetite increased, leading to higher U.S. Treasury yields, a stronger dollar, and rising U.S. stock prices[2] - The downward revisions of previous months' job data (a total of 138,000 jobs revised down for March and April) raise concerns about the sustainability of the current employment growth[2]