U.S. December Non-Farm Payrolls Data Released: The report can be summarized in one sentence—"lukewarm." The economy added 50,000 new jobs, well below the market expectation of 60,000, indicating a clear slowdown. However, the unemployment rate was a surprise—dropping to 4.4%, better than the expected 4.5%, and the previous figure was revised from 4.6% to 4.5%, which may help stabilize some people's confidence.

Wages increased by 0.3% month-over-month, in line with expectations, and the previous figure was revised to 0.2%, appearing relatively steady. But the real concern lies in the annual performance. In 2025, the total new jobs added will be only 584,000, averaging 4,900 per month. How bad is this? Comparing it to 2024's 2 million new jobs (average 16,800 per month), it's a decline of about 70-80%. Looking at the historical context, this is the weakest annual growth since 2020. Even excluding pandemic effects, it's the worst performance in the past decade.

The impact on the trading market is also direct. The decline in the unemployment rate is interpreted by the market as a signal that the Federal Reserve is unlikely to cut interest rates again in January. The interest rate swap market even prices in a zero probability of a rate cut in January. This means investors should prepare psychologically— the Fed's rate cut pace will become more cautious, or it may even enter a waiting period. Under this macroeconomic backdrop, risk assets in the market face new pricing pressures.