The just released US November employment data: 64000 new non farm payroll, 4.6% unemployment rate, lower than expected annual and monthly hourly wage rates, and 30000 new non farm payroll additions in August and September; Core retail was strong in October, while overall retail was weak. How do you view this data? 1. Although the increase in non-agricultural employment is higher than expected, it is also the largest decline since the end of 2020, and the unemployment rate continues to rise, indicating that the labor market remains weak. Weak but not collapsing, employment continues to slow down, but it has not collapsed yet. As previously discussed, the slowdown in the labor market is already a trend 2. Of course, there is also a lot of noise in the data this time. The Bureau of Statistics of the Department of Labor clearly stated in the report that due to the 43 day government shutdown in the United States, data cannot be collected from households, so it will not include the October unemployment rate and other indicators. The November data has also been adjusted. 3. Will it reach the point of trading decline? At present, it seems unlikely, after all, non farm employment exceeded expectations and did not fall below expectations. If the unemployment rate continues to rise in the future, it is indeed possible. 4. Overall, the November labor data provided support for the Federal Reserve's interest rate cut last week and will also slightly increase market expectations for future easing. But as mentioned yesterday, this is only the first major event of the week and cannot play a decisive role. It can partially alleviate tension but cannot determine the direction of the market Next, we need to see how the CPI data on Thursday goes. Only when inflation weakens can we truly boost loose expectations. By combining labor and inflation data, we can also evaluate the impact of the Bank of Japan's interest rate hike on the market on Friday.