Group 1: Employment Data Overview - The U.S. non-farm payrolls increased by 139,000 in May, the lowest since February, but still above the market expectation of 130,000 [1] - The unemployment rate remained stable at 4.2% for the third consecutive month, alleviating concerns about a sharp slowdown in the labor market [1] Group 2: Economic Concerns - Chief Economist Samuel Tombs warned that the current employment data may mask deeper issues, citing a significant downward revision of March's non-farm payrolls from 224,000 to 120,000 [3] - Tombs predicts that May's employment data may be revised down to around 100,000 in the upcoming August report, with an average downward revision of 30,000 since the beginning of 2023 [3] Group 3: Industry-Specific Employment Trends - Employment prospects in retail, wholesale, transportation, and logistics are bleak, with an expected reduction of about 50,000 jobs by year-end due to diminishing pre-tariff effects [5] - The NFIB reported that small business hiring intentions have dropped to the lowest level since May 2020, indicating potential future weakness in the job market [6] Group 4: Public Sector Employment - A wave of layoffs in the public sector is anticipated, with 59,000 federal jobs already eliminated and a reduction of 22,000 in May [8] - The unemployment rate is projected to peak at 4.8% by December due to these trends [8]

Group 1: Core Insights - The visit of President Xi Jinping to Russia signifies the deepening of pragmatic cooperation between China and Russia, showcasing resilience and complementarity despite external challenges [1][2] - The bilateral trade volume between China and Russia reached $244.8 billion in 2024, marking a 1.9% year-on-year increase, with China maintaining its position as Russia's largest trading partner for 15 consecutive years [2][4] - The strategic cooperation between the two nations is characterized by enhanced political trust, deepening strategic collaboration, and expanding cultural exchanges, reflecting their commitment to a multipolar world and a shared future [2][3] Group 2: Economic Cooperation - The pragmatic cooperation between China and Russia is showing strong momentum in emerging sectors such as technology innovation, automotive production, cross-border e-commerce, and medical equipment, indicating significant growth potential [4][5] - Traditional cooperation areas, including machinery manufacturing, heavy industry, aerospace, energy, and logistics, are expected to continue driving the strategic partnership forward [4][5] - New cooperation potentials are identified in complementary industrial sectors, with Russia excelling in raw materials and heavy machinery, while China leads in computer and precision equipment manufacturing [5][6] Group 3: Trade Dynamics - In the first three months of the year, the trade volume between China and Russia was $53.213 billion, reflecting a 6.6% year-on-year decline, although a significant increase of 16% was observed in March [6][7] - The decline in trade volume is attributed to seasonal factors and does not indicate a long-term trend, as both countries are committed to maintaining stable and predictable economic cooperation [6][7] - Despite challenges posed by external trade conflicts, the cooperation between China and Russia is expected to persist, with both nations aiming to establish a multipolar world [7][8]