TechFlow reported that according to Jinshi Data, on July 5, the latest data showed that the U.S. labor market is gradually cooling, supporting expectations of interest rate cuts later this year. The data is consistent with other employment reports this week, showing a sharp drop in job vacancies and an increase in the number of people applying for unemployment benefits. The dual slowdown in employment and inflation supports the market's bets that the Federal Reserve will cut interest rates as early as September. This employment report is the last report before Federal Reserve officials meet later this month, and the market expects the Federal Reserve to cut interest rates twice this year.