Employment Data Summary - In December 2025, the U.S. added 50,000 non-farm jobs, below the expected 60,000[2] - The unemployment rate decreased to 4.4%, lower than the expected 4.5%[2] - Total employment growth for 2025 was only 584,000, the weakest annual growth since 2020[2] Labor Market Insights - The number of unemployed individuals in December was 1.9 million, showing a year-on-year increase of 397,000[2] - The labor force participation rate was 62.4%, a slight decrease of 0.1% month-on-month[2] - The report indicates that the decline in the unemployment rate may be due to individuals giving up on job searches, with 6.2 million people not in the labor force but wanting to work[2] Sector Performance - Employment in the food service and bar industry rose by 27,000, with an average monthly increase of 12,000 jobs in 2025, up from 11,000 in 2024[2] - The healthcare sector added 21,000 jobs, with an average monthly increase of 34,000 in 2025, down from 56,000 in 2024[2] - Retail jobs decreased by 25,000 in December, with little change in average monthly employment for 2025 compared to 2024[2] Federal Reserve Outlook - The probability of the Federal Reserve maintaining current interest rates in January 2026 is over 95%, with a 95.6% chance according to CME models[2] - Market expectations for interest rate cuts have cooled, with June 2026 being the most likely time for a rate cut[2] Asset Market Reactions - Major asset classes showed limited volatility, with the 2-year U.S. Treasury yield around 3.53% and the dollar index rising above 99[2] - U.S. stock indices experienced gains, while gold prices returned to $4,500 per ounce[2] - The lack of consistent patterns in asset performance suggests minimal impact from the employment data, with prices continuing to follow their own trends[2] Economic Monitoring Recommendations - Increased attention is recommended for Q1 2026 economic data due to current asset classes being in a "awkward" position[2] - The performance of the Nasdaq since October 2025 indicates a narrowing trading range, suggesting a potential directional shift is approaching[2] - The ability of traditional economic sectors to drive growth amid declining AI investment expectations will be crucial for market dynamics[2] Risk Factors - Risks include unexpected intensification of U.S.-China tensions, geopolitical crises, and greater-than-expected global economic pressures[12]

进入2026年，全球宏观市场正在经历一场深刻的范式转变。资深分析师David Woo认为，面对中期选举 的巨大压力，特朗普政府正展现出不惜一切代价扭转局面的决心，这将重塑从能源到黄金的全球资产定 价逻辑。 David Woo表示，为弥补严重的民调劣势并避免在国会失去多数席位，特朗普政府的政策重心已全面转 向赢得"可负担性"辩论。这意味着2026年的终极交易主题将从单纯的再通胀转向激进的通缩手段——尤 其是通过强力掌控能源资源来大幅压低油价，目标是在大选前将汽油价格降至关键心理防线。这一战略 不仅意在平抑通胀，更意在通过改善中产阶级生活成本来稳固选票。 而特朗普此前对委内瑞拉的动作标志着战后建立的基于规则的国际秩序实质性终结。这一举措并非出于 意识形态考量，而是为了直接掌控能源资源，以期通过大幅增加供应来赢得国内的"可负担性论证"。特 朗普的目标是在秋季前将汽油价格压低至每加仑2.25美元，这将对原油市场造成剧烈冲击，预计油价将 下探至40至50美元区间。 Woo警告，随着美国放弃作为国际体系的传统担保人角色，全球地缘不安全感将急剧上升，这为黄金提 供了强劲支撑，并利好国防工业。相反，新兴市场股票将面临估值重估 ...

Group 1 - The national business work conference held on January 10-11 emphasized eight key areas for the national business system to focus on by 2026 [1][2] - The first area is to implement special actions to boost consumption, create the "Buy in China" brand, and enhance service consumption potential [1] - The second area involves improving the modern market and circulation system, promoting a unified national market, and advancing the integration of domestic and foreign trade [1] - The third area focuses on trade innovation, promoting the "Export China" brand, and developing service trade and digital trade [1] - The fourth area aims to create new advantages for foreign investment and enhance the "Invest in China" brand [1] Group 2 - The fifth area is to align with international high-standard economic and trade rules and enhance the construction of open highlands [2] - The sixth area emphasizes effective management of foreign investment and guiding cross-border supply chain layouts [2] - The seventh area is about deepening multilateral and bilateral economic cooperation and expanding the free trade zone network [2] - The eighth area focuses on risk prevention and establishing a robust open security network [2]

Group 1 - The national business work conference highlighted eight key areas of focus for 2026, emphasizing the importance of boosting consumption and creating the "Buy in China" brand [1][3] - There is a plan to enhance the modern market and circulation system, promoting the construction of a unified national market and integrating domestic and foreign trade [1][3] - The conference aims to drive trade innovation and promote the "Export China" brand, focusing on optimizing goods trade and developing service trade [1][3] Group 2 - Efforts will be made to create new advantages for attracting foreign investment, enhancing the "Invest in China" brand, and improving the foreign investment service guarantee system [1][3] - The conference will align with international high-standard economic and trade rules, further promoting the construction of open highlands and enhancing the quality and efficiency of open platforms [1][3] - There will be a focus on effective management of foreign investment, guiding cross-border supply chain layouts, and strengthening overseas project supervision [2][4] Group 3 - The conference emphasizes deepening multilateral and bilateral economic and trade cooperation, promoting win-win cooperation across multiple fields, and expanding the free trade zone network [2][4] - Risk prevention and mitigation will be prioritized, with improvements to the foreign-related legal system and trade risk prevention mechanisms to maintain supply chain resilience and security [2][5]

Employment Data Overview - December non-farm payrolls increased by 50,000, below the expected 60,000, while the unemployment rate fell to 4.4%[2] - The labor force participation rate declined to 62.4%, which statistically suppresses the unemployment rate, diluting its actual significance[4] Employment Sector Insights - Private sector added 37,000 jobs, with leisure and hospitality, and education and healthcare contributing 88,000 jobs combined, significantly boosting overall non-farm employment[14] - Job losses were evident in the goods-producing sectors, with construction, manufacturing, and mining losing 11,000, 8,000, and 2,000 jobs respectively, indicating weakening demand in the real economy[14] Wage Trends - Average hourly earnings in the service sector rose by 3.7% year-on-year, while goods-producing sectors saw a 4.1% increase, driven more by structural factors than by demand[20] - The increase in average wages reflects a structural effect where low-wage positions are being eliminated, raising the average wage of remaining employees[20] Monetary Policy Outlook - The probability of a rate cut in January is near zero, with the Federal Reserve likely to maintain a cautious stance due to the current employment and inflation dynamics[24] - The Fed's policy decisions will be influenced by upcoming inflation data and potential changes in the Federal Open Market Committee (FOMC) membership, which could reshape market expectations[24]

Employment Data - December non-farm employment increased by 50,000, below the expected 65,000, indicating a continued slowdown in job growth[3] - Private sector jobs added 37,000 in December, with an average of 43,000 jobs added in November and December, down from 57,000 in Q3[3] - Traditional service industries contributed the most to job growth, with leisure and hospitality adding 47,000 and education and healthcare adding 41,000 jobs respectively[11] Unemployment Trends - The unemployment rate unexpectedly fell by 0.1 percentage points to 4.4%, with the previous value revised down to 4.5%[4] - Labor force participation rate decreased to 62.4%, indicating a potential tightening in the labor market[4] - The U6 unemployment rate also dropped by 0.3 percentage points to 8.4%, but remains at a high level since 2022, suggesting challenges for marginal workers[15] Wage Growth - Average hourly earnings increased by 0.3% month-on-month in December, matching expectations, while year-on-year growth rose to 3.8%, above the expected 3.6%[20] - Wage growth has shown resilience, maintaining a range of 3.6%-3.9% since the second half of 2026[20] - Retail and financial sectors saw the highest year-on-year wage growth at 4.8% and 4.7% respectively, while transportation and healthcare lagged behind[26] Market Expectations - Following the December non-farm data, market expectations for a Fed rate cut in January dropped to 5%, with a 73.4% chance of at least one cut by June[5] - The stock market indices continued to rise, and the dollar index increased, while gold prices surpassed $4,500 per ounce, indicating a "shoe dropping" market reaction[5] - The labor market's oversupply situation is becoming more evident, with job openings falling to 7.146 million, the lowest since 2021, and the labor supply-demand gap widening to -635,000[17]

Group 1 - The core viewpoint of the article highlights a continued slowdown in non-farm employment growth, with December's addition dropping to 50,000, below the expected 65,000, and a downward revision of 76,000 for October and November combined [2] - The private sector added 37,000 jobs in December, with an average of 43,000 jobs added in November and December, indicating a persistent trend of slowing job growth [2] - The leisure and hospitality sectors contributed significantly to job growth, adding 47,000 and 41,000 jobs respectively, while manufacturing continued to show negative job growth, indicating weak demand in the sector [5] Group 2 - The unemployment rate unexpectedly fell by 0.1 percentage points to 4.4%, with the labor force participation rate decreasing to 62.4%, suggesting a complex labor market dynamic [6] - The number of job vacancies in November dropped to 7.146 million, the lowest since 2021, indicating a growing mismatch between labor supply and demand [8] - Average hourly earnings in December increased by 0.3% month-on-month, with a year-on-year growth of 3.8%, reflecting resilience in wage growth despite broader economic challenges [9][12] Group 3 - The market's expectation for a Federal Reserve interest rate cut in January decreased significantly from 14% to 5%, indicating a shift in market sentiment following the release of the non-farm data [17] - The overall labor market conditions suggest an increasing supply-demand imbalance, which may continue to exert pressure on the employment market moving forward [17]

Employment Data Summary - In December, the U.S. added 50,000 non-farm jobs, below the expected 70,000 and the previous value of 56,000, but still above the Dallas Fed's estimate of 30,000 jobs needed for labor market balance [1][5] - Private sector job growth was 37,000, also below the expected 50,000, indicating weak hiring intentions among businesses [5][6] - The three-month average for both total and private sector job additions has declined, reflecting a cooling labor market [6] Sector Analysis - Job growth in the service sector rebounded, with significant contributions from leisure and hospitality (+47,000), healthcare and social assistance (+39,000), and local government (+18,000) [9][10] - Conversely, job losses were noted in retail (-25,000), construction (-11,000), and professional and business services (-9,000), indicating greater pressure on cyclical industries sensitive to interest rates [9][10] Unemployment Rate Insights - The unemployment rate (U3) decreased from 4.54% to 4.38%, with an increase of 232,000 in the employed population and a decrease of 278,000 in the unemployed population [2][10] - The labor force participation rate (LFP) slightly declined by 0.1 percentage points to 62.4%, with notable improvements in the unemployment rate for the 16-19 age group [2][10] Wage Growth and Labor Market Dynamics - Wage growth remained sticky, with December hourly wages increasing by 3.8% year-over-year and 0.3% month-over-month, surpassing previous values [2][16] - The average weekly hours worked decreased slightly to 34.2 hours, but the resilience in wage growth supports household purchasing power [16][17] Overall Labor Market Conditions - The U.S. labor market is in a new equilibrium state, with both labor supply and demand growth slowing down [3][18] - The tightening of immigration policies and demographic factors are contributing to a slowdown in labor supply, while demand is cooling due to interest rate effects and cautious corporate sentiment [3][18] Market Reactions and Economic Outlook - Data has reduced the probability of a rate cut by the Federal Reserve in January, with market expectations for a pause in rate cuts rising to 95% [4][19] - Following the data release, U.S. Treasury yields saw a slight increase, and major stock indices rose, indicating a shift in market sentiment towards broader economic recovery narratives [4][19]

Group 1 - The core point of the article indicates that the U.S. labor market is showing signs of weakness, with non-farm payrolls for December 2025 falling short of expectations and previous months' data being revised downward [1] - In December 2025, the U.S. added 50,000 non-farm jobs, below the market consensus of 55,000, while November's job additions were revised down from 64,000 to 56,000, and October's figures were adjusted from a loss of 105,000 to a loss of 173,000 [1] - The sectors contributing to job growth in December included restaurants (27,000 jobs), healthcare (21,000 jobs), and social assistance (17,000 jobs), while retail jobs decreased by 25,000 [1] Group 2 - The average hourly wage for U.S. employees in December 2025 increased by 0.3% month-over-month and 3.8% year-over-year [1] - The unemployment rate in December 2025 was reported at 4.4%, with the previous month's rate revised from 4.6% to 4.5% [1] - The labor force participation rate decreased from 62.5% to 62.4%, with the number of unemployed individuals at 7.503 million, down from the revised figure of 7.781 million in the previous month [1]

Core Viewpoint - The company is advancing its digital transformation efforts, focusing on data-driven decision-making and AI to enhance operational efficiency [1] Group 1: Digital Transformation - The company is implementing a digital strategy supported by data centers and business platforms [1] - The goal is to gradually achieve a management model driven by data and enhanced by AI [1] - The company is exploring the application of new technologies in business scenarios to empower its operational ecosystem [1] Group 2: Retail Efficiency - The initiative aims to significantly improve retail efficiency and customer experience [1] - The company is transitioning from traditional retail to a new retail model [1]