# NonFarmPayrolls

📊 Gate Square Hot Topic | #非农数据超预期
The latest U.S. non-farm payroll data delivered a mixed but meaningful signal to the market.
In November, 64,000 new jobs were added — above expectations — yet the unemployment rate climbed to 4.6%. At the same time, October payroll numbers were revised downward by 105,000, marking the largest revision since the pandemic.
At first glance, job growth suggests resilience. But when we zoom out, the picture becomes more nuanced:
Rising unemployment
Significant downward revisions
Slowing wage momentum
All of these point toward a cooling labor market rather than a