According to BlockBeats, on September 9, CICC’s research report pointed out that the decline in the US unemployment rate in August reflected the reversal of temporary unemployment, which was in line with expectations, but the slowdown in the number of new non-agricultural employment indicated that the demand for labor by enterprises was also decreasing. The good news is that there is no sign of large-scale layoffs by enterprises, and the number of applications for unemployment benefits remains low. This means that the labor market is still stable and has not “fallen off a cliff.”
Looking ahead, the US economy is still expected to achieve a soft landing, but the Fed must also take action. The Fed is more likely to cut interest rates by 25 basis points in September, and may increase the rate cuts after that depending on the situation. (Jinshi)
