Yesterday, we mentioned how non-farm payroll data might impact risk markets—good or bad data could both be interpreted as positive. In today’s non-farm payroll report, the unemployment rate dropped from last month’s 4.5% to 4.4%. This is a slight positive for the economy, but it also reduces the likelihood of the Fed cutting rates in 2026. Of course, this is without factoring in Trump and the new Fed chair. Meanwhile, employment numbers fell from last month’s 56k to 50k, below the expected 60k. This is a slight negative, but not a major issue. More importantly, working hours have shortened, but wage growth has picked up. Hourly wages increased, indicating the market is gradually recovering. The November slump is likely temporary. Looking at the detailed data, employment growth continues in food services, healthcare, and social assistance sectors, while retail trade jobs have decreased. Overall, the U.S. economy remains resilient, reducing the chances of a recession. For the Fed, this also provides stronger justification to maintain interest rates. Now, it’s all up to Trump. @bitget VIP, lower fees, bigger perks!