CITIC Securities Research Report pointed out that the number of new non-farm jobs in the United States in October 2024 was lower than expected, with healthcare services and government departments being the main contributors, and durable goods manufacturing and temporary help services being the main drags. Affected by Hurricanes Helene and Milton and the Boeing strike, the October non-farm data was greatly disturbed.
Overall, the US job market weakened mildly, but the wage growth rate remained stable and there was no large-scale layoffs in companies. The job market remained healthy, and the October non-farm data continued to add evidence for a "soft landing". We maintain our previous judgment that the Federal Reserve will cut interest rates by 25bps twice this year. (Jinshi)