$UAI $AKE $PEPE The U.S. October nonfarm payrolls report will be released Friday evening. The market expects 65,000 jobs to be added, with forecasts ranging from 35,000 to 125,000. September saw an increase of just 29,000 due to the Labor Day calendar effect. October may rebound, but unfavorable seasonal adjustment factors mean the figure could still fall short of expectations. The unemployment rate is expected to remain at 4.2%. Wages are drawing greater attention: average hourly earnings may rise 0.3% month over month, while the year-over-year increase may ease from 3.0% to 2.9%, falling below 3% for the first time since May 2021. This supports the view that the labor market is not adding to inflationary pressures, but also means household incomes remain under pressure. Employment growth is currently lagging behind economic expansion; third-quarter GDP grew at an annualized rate of 3.4%. Amid AI investment and geopolitical conflicts, companies are becoming more cautious and shifting to “labor-light” expansion: people with jobs are secure, while opportunities to find a job or switch jobs are dwindling. The Federal Reserve held interest rates at 3.75%–4.00% last week, acknowledging that inflation remains high. Markets expect a rate hike in December, but moderate wage growth may limit the number of rate hikes next year. Tuesday’s CPI report will provide more clues. #非农今晚揭晓，美股能否绝地反击？ #美股一夜蒸发超2万亿，多家对冲基金面临清算 #美国中期选举落幕，美伊局势或迎新变数