$BTC Financial Associated Press June 6: The number of non-farm jobs in the U.S. increased by 139,000 in May, estimated to increase by 126,000, previous value revised from 177,000 to 147,000.
Financial Associated Press June 6: The unemployment rate in the U.S. in May was 4.2%, expected 4.20%, previous value 4.20%.
Financial Associated Press June 6: The average hourly wage in the U.S. increased by 0.4% month-on-month in May, expected to rise by 0.3%. The average hourly wage in May increased by 3.9% year-on-year, expected to rise by 3.7%.
BlockBeats news, June 6, (New York Times) analysts stated that the employment report reinforced the Federal Reserve's wait-and-see attitude towards further rate cuts. The Federal Reserve can almost be certain to choose not to cut rates again at its meeting later this month (June 18).
Analysis:
I. Employment market stronger than expected
1. Non-farm employment increased by 139,000
Higher than expected 126,000, and the previous value revised up to 147,000, indicating sustained robustness in the labor market. This shows strong demand for labor from businesses, and there are no apparent signs of a cooling economy.
2. The unemployment rate remained stable at 4.2%
Continuously maintained at a low level, close to full employment, reflecting a tight balance between labor supply and demand.
II. Accelerated wage growth raises inflation expectations
1. Hourly wage increased by 0.4% month-on-month (expected 0.3%)
Year-on-year growth rate of 3.9% (expected 3.7%), indicating increasing pressure from rising labor costs, which may further transmit to prices and strengthen inflation stickiness.
2. The impact on Federal Reserve policy
Wage growth exceeding expectations may delay the pace of inflation decline, supporting the Federal Reserve's stance on maintaining high interest rates. (New York Times) analysis points out that this data reinforces expectations for a 'stay put' approach at the Federal Reserve's June meeting.
III. Factors driving the rise of tech stocks
1. Economic resilience supports profit expectations
Strong employment data suggests solid consumer and business investment demand, with the tech industry as a core driver of economic growth, its profit outlook (such as demand for AI and data centers) is viewed favorably by the market.
2. Stability in interest rate policy expectations
Although the probability of interest rate cuts has decreased, the market has digested the expectation of 'long-term high interest rates', and the Federal Reserve has not released further rate hike signals, alleviating concerns about liquidity tightening.
3. Industry-specific benefits
Recent breakthroughs by tech giants like NVIDIA and AMD in AI chips and computing power (such as new product releases and order growth) may combine with macro sentiment to drive stock prices up.
IV. Market immediate reaction logic
· After the data release (Beijing time 20:30): Investors quickly interpreted the strong employment data as a signal for a 'soft landing' in the economy (i.e., steady growth and controllable inflation), benefiting technology stocks as a representative of risk assets.
· Clarification of the Federal Reserve's policy path: The market has fully anticipated no interest rate cut in June, and the data did not trigger panic, instead reducing policy uncertainty.
Summary
Employment data exceeding expectations → Economic resilience strengthened → Corporate profit expectations improved + Stable Federal Reserve policy path → Tech stocks lead the gains. This chain reflects the market's optimistic sentiment towards the combination of 'no recession + controllable inflation', especially under the drive of long-term growth themes like AI, making the tech sector a focus for capital allocation.
