The U.S. December 'Little Non-Farm' data fell short of expectations, primarily reflected in the following aspects:

1. Employment growth slowdown: The December ADP employment figure recorded 122,000, which is below the expected 140,000 and also lower than the previous value of 146,000, marking the lowest level since August 2024. This indicates that the number of new jobs in the U.S. private sector is below expectations, leading to a slowdown in employment growth.

2. Wage growth slowdown: The year-on-year wage growth rate for December was 4.6%, the lowest level since July 2021. This means that in addition to the slowdown in employment growth, there is also a trend of wage growth slowing down.

3. Industry differences: From an industry perspective, while the education and health services sector showed the strongest job growth, there were reductions or slowdowns in job growth in manufacturing, natural resources and mining, as well as professional and business services. This inter-industry disparity also reflects structural changes in the U.S. economy.

In summary, the U.S. December 'Little Non-Farm' data fell short of expectations, primarily reflected in the slowdown of employment growth, slowdown of wage growth, and industry differences. These data may have significant implications for the overall health and future trends of the U.S. economy, and investors and policymakers need to pay close attention.

The above analysis is for reference only; for more professional interpretations, please consult an economist or financial expert. #美国非农数据即将公布 $BTC