TechFlow news, September 8 — According to Jinshi Data, a research report from CITIC Securities stated that U.S. August non-farm data weakened again. The unemployment rate for July, measured to three decimal places, rose to 4.248%, and for August it rose further to 4.324%. The one-decimal unemployment rate was recorded at 4.3%, in line with market expectations. The number of new non-farm jobs added in August was significantly lower than expected, with both government and private sectors showing weakness. In addition, this week's U.S. employment data including ADP and PMI employment components have broadly weakened, confirming our previous view: the U.S. labor market is not as healthy as the surface data suggests. The labor market continues to cool and the economy keeps weakening, though not yet sliding into recession. For the Fed, risks in the labor market will rise again. We maintain our previous stance, expecting the Fed to cut interest rates by 25bps at its September meeting, followed by another 25bps cut each in October and December. (Jinshi)
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