Yesterday’s plot was so bloody that it’s normal for the copycats to use non-agricultural data to wash things out.
Suddenly something bad happened in the United States: non-agricultural employment increased by 272,000 people in May after season adjustment, which was significantly higher than the market expectation of 185,000 people and nearly 50% higher than expected!
As soon as the news came out, the Fed's interest rate cut expectations cooled down again, but if you look at the data carefully, they are contradictory:
On the one hand, the non-agricultural employment population increased by 272,000, exceeding market expectations;
On the other hand, the U.S. unemployment rate unexpectedly rose to 4% in May, the highest level since January 2022, and the latest number of unemployed people was 6.6 million.
At the same time, the U.S. employment participation rate unexpectedly fell to 62.5%, lower than the expected 62.7%.
On the one hand, there are more new jobs, and more than expected; on the other hand, the unemployment rate is rising. Isn't this contradictory?
Moreover, the decline in the employment participation rate means that more people are not working, not that more people have entered the labor market.
So, the data in the United States is also about little girls who can be dressed up by anyone.
Don't be too serious...