Last night, US market data was released in a concentrated manner, revealing an interesting contradiction in these economic indicators — seemingly stable, but actually showing clear signs of uneven strength and weakness.

First, let's look at employment. The US November unemployment rate was announced at 4.6%, higher than the expected 4.4%, indicating that it has become more difficult to find a job. Non-farm payrolls increased by 64,000 month-over-month, better than the expected 50,000, but the growth rate is noticeably sluggish, and the market is sensing a loosening signal. This set of data tells us that the labor market is gradually weakening, but it hasn't reached the level of "collapse."

Next, let's examine consumer data. Retail sales in October were flat (0%) month-over-month, lower than both the previous month and expectations. Consumer activity is clearly cooling down, and people's purchasing desire is shrinking. This means that the overall economic momentum is gradually slowing.

Overall, this is not simply "strong" or "weak," but a typical case of divergence — employment hasn't completely collapsed, but the economy is indeed retreating. Under this condition, market expectations for interest rate cuts are still fermenting.

For us traders, the key is not how bad the data itself is, but how funds are re-pricing liquidity. In the short term, it is indeed easy to be manipulated and swept by noise, and the market will have some fluctuations. But as long as the loosening logic is not overturned, the medium-term pattern still requires patience. Data is just the fuse; the true direction lies in the hands of capital.