Core Viewpoint - The U.S. labor market is not collapsing but has entered a stagnation phase, showing no significant growth or decline, with non-farm payrolls increasing modestly by 64,000 in November after a decrease of approximately 105,000 in October, and the unemployment rate rising to 4.6%, the highest in four years [1][2]. Group 1 - The stagnation in the labor market is more dangerous than it appears, as there is a complete lack of forward momentum, with net hiring showing minimal progress throughout the year [2]. - The unemployment rate continues to rise despite a growing labor force, indicating weak demand rather than mass layoffs or hiring freezes [2][5]. - Goldman Sachs analysts have warned that the U.S. is entering a "no job growth" phase, where productivity is replacing labor, potentially leading to long-term resistance to labor demand [3]. Group 2 - Since the beginning of the year, the unemployment rate has increased by approximately 0.6 percentage points, which, although gradual, has significant implications [4]. - The economy is still growing, supported by structural productivity improvements and significant investments in artificial intelligence, allowing businesses to increase output without significantly increasing headcount [5]. - There has been a notable increase in the number of people working part-time for economic reasons, rising by nearly 1 million to 5.5 million in November, indicating a trend of reduced hours or inability to find full-time work [5][6]. Group 3 - The stagnation in job creation could be as dangerous as a recession, as rising unemployment may undermine consumer confidence over time [6]. - The risk of an economic recession is concerning, with the current economic stability partly due to the AI investment boom, which has bolstered household wealth [7]. - If the boost from AI investments diminishes, the economy may struggle to find new growth drivers, potentially leading to recession risks [8].