就业稳中趋弱，亮点在时薪增长——5月美国非农数据点评

Core Viewpoint - The article discusses the May non-farm payroll data, highlighting that while job additions slightly exceeded expectations, the overall employment market shows signs of slowing down, with a notable focus on wage growth as a positive aspect [1]. Group 1: Employment Data Overview - In May, non-farm employment increased by 139,000, surpassing the expected 130,000, with job growth concentrated in three sectors: education and health services (+87,000), leisure and hospitality (+48,000), and financial activities (+13,000) [2][16]. - The unemployment rate remained steady at 4.2%, but this stability was achieved at the cost of a declining labor force participation rate, which fell from 62.6% to 62.4% [5][22]. - The employment growth breadth has decreased, with the employment diffusion index dropping to 50%, indicating that job growth is becoming less widespread across various sectors [4][16]. Group 2: Wage Growth Insights - Wage growth in May was a highlight, with hourly earnings increasing by 0.4% month-over-month, exceeding the expected 0.3%, and a year-over-year increase of 3.9%, also above the anticipated 3.7% [6][31]. - The article emphasizes that the wage growth is crucial for protecting the purchasing power of consumers, particularly for low- and middle-income groups, amidst rising inflation concerns [6][12]. Group 3: Market Reactions - Following the non-farm report, market expectations for interest rate cuts have cooled, with the probability of a September rate cut dropping from 61.3% to 51.8% [3][35]. - The stock market reacted positively, with major indices such as the Dow Jones and Nasdaq rising, indicating a rebound in risk appetite among investors [3][35].