Yesterday, it was mentioned that the non-farm payrolls could impact the risk markets, and both good and bad data are likely to be interpreted as good data.

In today's non-farm payroll data, the unemployment rate was adjusted down from 4.5% last month to 4.4%. This is a slight positive for the economy, but it also reduces the probability of the Federal Reserve cutting interest rates in 2026, of course, this is without considering Trump and the new Federal Reserve Chairman.

Then, the employment population decreased from 56,000 last month to 50,000, which is below the expected 60,000. This is slightly negative, but the issue is not very significant. More importantly, working hours have shortened, but wage growth has increased, with hourly wages rising, indicating that the market is gradually warming up. The sluggishness in November is likely to be temporary.

From the detailed data, employment growth continues in the food service, healthcare, and social assistance sectors, while jobs in the retail trade sector have decreased.

Overall, the resilience of the U.S. economy is still strong, reducing the probability of an economic recession, but for the Federal Reserve, it also provides stronger confidence to maintain interest rates.

Next, we will see what Trump has to say.

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