[Institution: U.S. Labor Market Strong, but Consumers May Worry About Negative Real Wage Growth] According to a report by Jinse Finance on June 5, Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management, stated that the U.S. labor market has moved away from the sluggish and narrowly growing state seen in 2025, returning to a growth trajectory with broader expansion. In 2025, the non-cyclical healthcare and social assistance sectors within the U.S. economy contributed all of the employment growth. The diffusion index (which was below 50 for 9 out of 12 months in 2025) has rebounded above 50 over the past five months, reaching 54.4 in May. For consumers, the good news is that the labor market is strong and employment is stable. However, concerns about future spending arise as real wages experience negative growth, with average hourly earnings rising 3.4% year-over-year while inflation stands at 3.8%. The Federal Reserve may lean toward a wait-and-see approach, but its focus is likely to shift toward the inflation aspect of monetary policy.