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[Market Focuses on Weak Non-Farm Payroll Expectations; Data Becomes an Economic and Policy Indicator] 1. The upcoming non-farm payroll report, one of the most closely watched economic indicators in the United States, has sparked widespread market concerns. Last month's data showed that the US economy added 119,000 jobs, a significant slowdown from the beginning of the year. This year's report, delayed by 11 days due to the government shutdown, is expected to be even weaker, with only about 50,000 new jobs anticipated. 2. Investors are focusing not only on the total number of jobs but also on employment trends in key sectors such as technology, healthcare, and leisure, which are often seen as leading indicators of overall economic health. Wage growth is also crucial—a slowdown could indicate easing inflationary pressures, thus influencing the Federal Reserve's interest rate decisions; conversely, a faster growth suggests a still tight labor market and potentially high inflation. 3. The report has also been embroiled in political issues. US President Trump previously blamed Federal Reserve Chairman Powell for relatively weak employment data, intensifying scrutiny of the central bank. Some analysts believe that if the data is significantly weaker than expected, Powell may face pressure from the public and political spheres to cut interest rates, regardless of his own assessment. 4. Historically, the non-farm payroll report has had a significant impact on the market: the stock market reflects expectations of economic momentum, while bond yields and the dollar exchange rate are sensitive to potential changes in Fed policy. If the data falls short of expectations, safe-haven assets such as gold are often favored. Besides triggering immediate market volatility, the report's more important value lies in helping investors determine whether the economy is slowing down, maintaining stable growth, or demonstrating resilience in a high-interest-rate environment.