🔥 September 2025 Non-farm Explosion! The job market remains 'high fever', adding uncertainty to the Federal Reserve's interest rate cuts!
1. Non-farm Employment: 52,000 new jobs were added in September, significantly rebounding from 22,000 in August, slightly above the market consensus of 50,000, positioned at the midpoint of the institutional forecast range (60,000 to +80,000). The private sector contributed the main increment, while government employment remained basically flat. 2. Unemployment Rate: Recorded at 4.4%, a slight increase of 0.1 percentage points from 4.3% in August, remaining within the expected range of 4.3%-4.5%, still a relatively high level since the end of 2021. 3. Wage Growth: Average hourly wage increased by 0.2% month-on-month and grew by 4.6% year-on-year, both aligning with market expectations of 0.2%-0.3% and 4.5%-4.7%, respectively. Wage growth remains stable, with no signs of inflation rebound pressure.