According to the research report of China International Capital Corporation, the decline in the US unemployment rate in August reflects the reversal of temporary unemployment, which is in line with our expectations, but the number of new non-farm payrolls slowed, indicating that the demand for labor by enterprises is also decreasing. The good news is that there are no signs of significant layoffs by enterprises, and the number of jobless claims remains low. This means that the labor market is still stable and has not "fallen off the cliff". Looking forward, the US economy is still expected to achieve a soft landing, but the Federal Reserve must also take action. We believe that the Federal Reserve is more likely to cut interest rates by 25 basis points in September, and may also increase interest rate cuts depending on the situation after that.