#密码资产动态追踪 🚨US December Non-Farm Payrolls Surprise: Only 50,000 Jobs Added, Unemployment Rate Drops to 4.4%, Is the Job Market Really Cooling Down?

Yesterday, the US released December non-farm payroll data, causing a market shock. Only 50,000 new jobs were added, the unemployment rate slightly decreased to 4.4%, and wage growth was 0.3%—seemingly moderate but with underlying currents. Even more alarming was the significant revision of previous data: October was revised to -173,000, and November only saw 56,000 new jobs, a combined reduction of 76,000 jobs over two months. This directly hit the market’s concerns about a slowdown in economic momentum.

Looking closely at the employment structure, sectors like dining, healthcare, and social services are still growing, but retail has cut 25,000 jobs. For the entire 2025 year, employment increased by 584,000, less than one-third of 2024’s growth. Even more concerning is that the long-term unemployed have reached 1.9 million, an increase of nearly 400,000 year-over-year. These are hidden risk signals.

Although the labor force participation rate remains at 62.4%, 6.2 million people want to work but are not seeking employment—that’s the real cold reality. Coupled with cautious hiring attitudes from companies and weekly hours declining, the trend of economic cooling is becoming increasingly clear.

The Federal Reserve has not yet responded urgently, but this "moderate" data is quietly rewriting market expectations for rate cuts. The true shockwave may be hidden in the next round of data revisions.

Important reminder: The January employment report is scheduled to be released at 8:30 a.m. Eastern Time on February 6, 2026 (Friday), or 21:30 Beijing Time that evening. There may be new volatility then.

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