PANews reported on November 2 that according to Jinshi, CICC's research report pointed out that the US non-farm data in October was weak and below expectations, partly due to the impact of hurricanes and strikes. The hurricane forced a large number of people to evacuate, and the response rate of corporate surveys was significantly reduced. The number of people employed in the service industry such as leisure and accommodation dropped sharply, and the number of people unable to go to work due to weather conditions increased sharply. The strike led to a significant decline in the number of people employed in the manufacturing industry. However, these are temporary disturbances, and their impact may be reversed in the coming months.
Overall, the U.S. labor market is still cooling down gradually, and there is no sign of rapid deterioration. Taking into account the overall economic data, it is predicted that the Federal Reserve will cut interest rates by 25 basis points next week, and monetary policy will continue to return to normal, but the pace of rate cuts will not be as radical as the market expected.
