Major Non-Farm Payrolls Eve! The White House urgently signals that employment data may fall significantly below expectations, and the cryptocurrency market faces a crucial test.
The important Non-Farm Payroll report is about to be revealed, and the White House is preemptively engaging in "expectation management," giving the global market an early "preventive shot"! On February 9th, Eastern Time, White House National Economic Council Director Hassett publicly hinted that U.S. job growth will significantly weaken in the coming months, yet insists this is not a decline in economic momentum, but rather a structural shift in the labor market.
Hassett attributes the slowdown in employment to a deceleration in population growth and a surge in productivity, also mentioning that a reduction in illegal immigration has led to a contraction in the labor force, emphasizing that low job growth can coexist with high GDP growth, and urging the market to "not panic," paving the way for weak data with the phrase "the decline in the required job growth for stable unemployment rate."
The market has already sensed the cooling signals: a Reuters survey shows that January's Non-Farm Payrolls are expected to increase by only 70,000, continuing the sluggish trend; ADP private sector employment increased by only 22,000, and job vacancies have fallen to their lowest level since 2020, with the U.S. labor market entering a "low hiring, low firing" mode. This report will also include historical data revisions, likely leading to significant downward adjustments of past employment data, which may further intensify market concerns about the economic outlook.
Non-Farm data directly influences the Federal Reserve's interest rate cut pace, causing significant fluctuations in the dollar, U.S. stocks, and the cryptocurrency market. Is the White House's advance signaling a way to stabilize expectations or to mask economic concerns? Will this crucial Non-Farm report become the ignition point for a new round of trends in the cryptocurrency market?
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