The U.S. labor market is significantly slowing down. According to the latest report from Citi, the non-farm payroll data for June is expected to be far below expectations, with new jobs possibly only around 100,000 or 85,000, while the market generally expects 110,000. Meanwhile, the unemployment rate may rise to 4.3% to 4.4%, which would be the highest since 2021. Hiring activity is decreasing, unemployment claims are increasing, and the economy is facing greater challenges, with wage growth also slowing down. The impact of policy changes on employment data is uncertain. In the face of a weak job market, the direction of the Federal Reserve's policy is drawing significant attention. Both Citi and others believe that if the June data is exceptionally weak, the Fed may cut interest rates as early as July. However, Powell still emphasizes that policymakers can remain patient, but the signs of weakness in the labor market further test the Fed's patience.