TechFlow news, on March 10, according to Jinshi News citing a CICC research report, the U.S. added 151,000 nonfarm jobs in February, below the market expectation of 170,000, while the unemployment rate rose to 4.1%, partly affected by government layoffs and retail industry strikes. Looking ahead, since employment is a lagging indicator, we may see further negative impacts from government layoffs over the coming months. Government spending cuts have a "multiplier effect," and reductions in federal employment could spill over into job losses in the non-government sector. Laid-off workers will need to seek "re-employment," intensifying competition in the labor market and increasing the difficulty of finding jobs in the future. We reiterate our previous view that amid risks such as tariffs and government spending cuts, attention should be paid to downside risks to the U.S. economy. Until these headwinds subside or genuinely business-friendly policies—such as tax cuts, deregulation, and interest rate cuts—are implemented, we remain cautious about the U.S. economic outlook.
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