Group 1 - The non-farm employment in July saw a significant decline, with the average new non-farm jobs from May to July dropping to 35,000, down from 127,000 in the previous months [1][6] - The labor participation rate has decreased by 0.4 percentage points since April, which has mitigated the rise in the unemployment rate [1][6] - The impact of immigration policies, particularly the deportation of illegal immigrants, is expected to accelerate and significantly affect labor supply and demand in the U.S. economy [1][2][6] Group 2 - The net immigration inflow to the U.S. has slowed down significantly since the Trump administration, with an expected return to near zero net inflow by 2025 [2][7] - The average new non-farm employment balance level for the second half of 2025 is projected to drop to between 40,000 and 70,000, influenced by tightening immigration policies [3][17] - The domestic demand growth rate has decreased from 1.9% in Q1 to 1.2% in Q2, which is expected to remain around 1% in the second half of the year [3][20] Group 3 - The deportation of illegal immigrants may lead to a marginal increase in wage growth but will negatively impact overall demand, limiting the upward pressure on wages and causing a gradual rise in the unemployment rate [4][24] - The reduction in illegal immigration is expected to drag down GDP growth by approximately 0.3 to 0.4 percentage points in 2025 [4][25] - Certain industries, such as agriculture, construction, and hospitality, are likely to experience labor shortages due to the high reliance on illegal immigrant labor [4][27][32]