On Friday, October 4 at 20:30, the United States will release the September non-farm payrolls report. This is the first report since the Federal Reserve opened the door to interest rate cuts by 50 basis points, and it is also one of the two non-farm payrolls data before the November meeting. With inflation falling back, the performance of the labor market has re-emerged as the Federal Reserve's top concern. According to a Reuters survey, the number of non-farm payrolls is expected to increase by 140,000 in September, well below the average monthly increase of 202,000 over the past 12 months; the unemployment rate is expected to remain unchanged at 4.2%. It turns out that while the U.S. economy has been surprisingly resilient in the face of the Federal Reserve's interest rate hike, avoiding a widely predicted recession, the labor market has gradually lost momentum. From June to August, only 116,000 net new jobs were added each month on average, the lowest three-month average since mid-2020. The Federal Reserve cut interest rates by 50 basis points last month to a range of 4.75% -5.00%, the first rate cut since 2020, in an effort to ease growing concerns about the health of the labor market. Fed Chairperson Jerome Powell said in a speech in the early hours of October 1 that he does not want the job market to continue to cool. Analysts expect the Federal Reserve to cut interest rates again in November and December, but the magnitude remains uncertain. Powell said that if the economy performs as expected, it will cut interest rates by 25 basis points twice this year. (Golden Ten)