#非农数据超预期.
This is not single-point noise, but the effect of "slow variables" at work.
On the surface, the November job gains of 64,000 are higher than expected, but a deeper breakdown reveals that the unemployment rate has risen to 4.6%, the previous figure has been significantly revised downward, and wages are slowing down—all pointing in the same direction: the labor market is still expanding, but clearly decelerating. This combination is less like short-term noise and more like a stage signal of long-term trends gradually emerging.
Especially notable is the October employment revision of
View OriginalThis is not single-point noise, but the effect of "slow variables" at work.
On the surface, the November job gains of 64,000 are higher than expected, but a deeper breakdown reveals that the unemployment rate has risen to 4.6%, the previous figure has been significantly revised downward, and wages are slowing down—all pointing in the same direction: the labor market is still expanding, but clearly decelerating. This combination is less like short-term noise and more like a stage signal of long-term trends gradually emerging.
Especially notable is the October employment revision of


