Let's summarize tonight's employment data, the probability of a rate cut in January has increased

First, the November non-farm payroll forecast was an increase of 50,000, but the actual was 64,000, while the unemployment rate unexpectedly rose from the forecasted 4.4% to 4.6%.

Moreover, the October non-farm payroll was revised down by 105,000, and the August-September non-farm payroll was collectively revised down by 33,000. Overall, this employment data still doesn't look good.

We can also see that after the data release, the market's expectation for a January rate cut next year has increased from 22% to 31%.

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