PANews, November 2nd - According to a report from Jin10, CICC's research indicates that the U.S. non-farm data for October is weak and below expectations, partly due to the impact of hurricanes and strikes. The hurricanes forced a large number of people to evacuate and significantly reduced the response rate for business surveys, leading to a sharp decline in employment numbers in the leisure and hospitality sectors, with a surge in the number of people unable to work due to weather conditions. Strikes have also led to a noticeable shrinkage in manufacturing employment. However, these are temporary disturbances, and their impact may reverse in the coming months.
Overall, the U.S. labor market is gradually cooling down and there are no signs of a rapid deterioration. Taking into account the overall economic data, it is predicted that the Federal Reserve will lower interest rates by 25 basis points next week, with monetary policy continuing to normalize, but the pace of rate cuts will not be as aggressive as the market previously anticipated.
