The unemployment rate is 4.2%, in line with expectations, an increase of 0.1 percentage points from last month. Essentially, the unemployment rate is expected to stabilize between 4% and 4.2% in 2025.

The non-farm payroll change was 73K, which is lower than the expected 106K, but much better than last month's 14K. Basically, since 2025, the "non-farm payroll change" has been declining.

The slowdown in employment may be related to the economic downturn.

On the other hand, let's look at the wage data. The annual wage rate exceeded expectations, up 0.1 percentage points from last month; the monthly wage rate met expectations, also up 0.1 percentage points from last month. Wage performance may be related to the CPI.

Overall, the unemployment rate and non-farm payroll data do not provide sufficient support for interest rate cuts; however, wage data may suggest that CPI will not decline, which does not strongly support rate cuts.

For the US stock market, on one hand, the job slowdown reveals an unfavorable economic situation; on the other hand, wages are not declining, and CPI may not decrease, which could delay interest rate cuts. It's a double blow to the market. Therefore, the US stock market opened with a gap down.

The cryptocurrency market is also falling along with the US stock market.

In fact, a decline at this time may not necessarily be a bad thing; compared to the continuation of a bubble, a proper correction may reduce the risk of a financial crisis.