Many people are worried about whether there will be any problems with Friday's non farm payroll data, whether the current decline is due to the risk aversion of non farm payroll, and even many people are worried about uncontrollable situations on Friday and have taken early risks. In fact, from the current trend of the US stock market, the upward trend is still correct, and there is no sign of risk aversion. The reason is that the current non farm payroll data is no longer very worrying. From Powell's speech after the last interest rate meeting, it can be seen that the Federal Reserve now believes that labor data is quite stable and does not think it is necessary to continue cooling down the labor market. Therefore, as long as the employment data is not too exaggerated in terms of upward or downward trends, there will be no problem. Based on current market expectations, the unemployment rate is expected to remain at the same 4.1% as last month, and even a slight increase in the unemployment rate is unlikely to be considered an economic recession. Currently, no one believes that the US economy will experience a short-term recession, so a small increase or decrease in the unemployment rate is not a problem. Although the decline in non farm employment is not a good thing, it is not a big problem for the current United States. DOGE's start of cutting government departments may continue to expand unemployment and employment in the coming period, but at least the current slight decrease is in line with the Federal Reserve's "cooling" needs, so it will not have a significant impact on interest rates. The change in average wages is also the same. Powell personally said that wages are no longer the main cause of inflation, so a small change in wages is not a big deal. Even the forecast from the University of Michigan below did not have any significant impact. Therefore, it can be said that if we follow the script, this non farm payroll data will not have too much impact, at least not any negative impact. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex