Recently released US employment data has shown some interesting contradictory signals. The number of new jobs added in November reached 64,000, which appears to be higher than the market expectation of 50,000, but looking further ahead, it’s a bit disheartening — October’s data was significantly revised downward, with new jobs shrinking to near negative territory, directly cutting 105,000 jobs.

What’s more worth noting are the details. The unemployment rate has risen to 4.6%, and the performance in the private sector is even worse. In November, surprisingly, there was an unexpected decrease of 32,000 jobs, far below expectations. Who is cutting jobs? Small businesses have become the main force, with manufacturing, professional services, and other sectors clearly slowing down. The total number of JOLTS job openings is also fluctuating downward, indicating that companies’ hiring enthusiasm is indeed cooling.

On the surface, this non-farm payroll number is still somewhat acceptable, but the story behind it is less optimistic. The figures have been hovering below 100,000 for several consecutive months, even showing negative growth at times. This trend is hard to call strong. Plus, the rate cut cycle is still ongoing, which can provide some support to the economy, but the cooling of the labor market is undeniable.

From a cryptocurrency perspective, these macroeconomic slowdown signals might push the market gradually into a bottoming phase. Let’s wait and see.