Non-farm "surface stability" does not mean there are no cracks in the employment market

From a macro perspective, the non-farm data in 2026 may appear to be "surface stable": new jobs will not decline sharply, and the unemployment rate will remain within a manageable range. However, this does not mean the employment market can rest easy. True changes are often hidden within the structure. On one hand, the growth of high-quality positions may continue to slow down, with companies more inclined to control recruitment, increase temporary jobs, or reduce working hours to cope with uncertainty; on the other hand, low-wage service industries or flexible employment may become the "buffer" for employment data. This structural change will make non-farm data look acceptable, but residents' actual purchasing power will find it difficult to improve in tandem.

For the market, this non-farm data is not simply bullish or bearish, but a "delayed feedback signal": it can ease sentiment in the short term but accumulates pressure in the long run. Investors who only look at the surface of the data may easily underestimate potential risks. #非农就业数据