Investment Rating - The report maintains a "New Normal" investment rating for the employment market, indicating stability despite slight fluctuations in employment data [3][6]. Core Insights - The U.S. non-farm employment data for February 2025 showed a slight miss against market expectations, with an increase of 151,000 jobs compared to the expected 160,000. The unemployment rate stood at 4.1%, slightly above the expected 4.0% [5][12]. - The employment market is entering a "low volatility state," with evidence suggesting that the job market is stabilizing rather than cooling down [7][10]. - The report highlights a significant decline in both the hiring and turnover rates, indicating low liquidity in the job market, with the hiring rate at 3.4% and turnover rate at 3.3%, both the lowest since 2015 [10][11]. Summary by Sections 1. Marginal Changes: Stabilization - The unemployment rate recorded at 4.1% has remained within the 4.0-4.2% range for 10 months. The increase in non-farm employment by 151,000 jobs reflects a slight upward trend from January [6][10]. - Initial claims for unemployment benefits decreased by 21,000 to 221,000, indicating a relatively low level of unemployment [6]. 2. Overall Trend: Low Volatility State - More evidence points to the employment market entering a "low volatility state," with stable job creation and minimal fluctuations in unemployment rates [7][10]. 3. Structural Characteristics: Manufacturing Employment Recovery - Private sector employment showed significant recovery, particularly in manufacturing, with 30,000 new jobs added in February, marking an increase from January [11][12]. 4. Federal Reserve: Caution on Rate Cut Expectations - The report warns that the market may be overestimating the pace of potential rate cuts by the Federal Reserve, with expectations shifting from 0-1 cuts to 3 cuts within the year [12][13]. 5. Market: Hawkish Trading - The market is trading with a hawkish sentiment due to the robust employment data and optimistic statements from Fed Chair Powell. The U.S. dollar index fell by 0.15% to 103.91, marking a new low since November 2024 [13][15].