The seasonally adjusted data released by the US in February showed that nonfarm payroll employment fell by 92,000, marking the second time since 2020 that employment posted a negative monthly change. The market had previously expected an increase of 59,000, while the prior reading was revised from an increase of 130,000 to an increase of 126,000. Meanwhile, the US unemployment rate in February was 4.4%, slightly above the market expectation of 4.3% and also higher than the prior reading of 4.3%. In addition, the YoY increase in average hourly earnings rose to 3.8%, indicating that labor cost pressure remained in place.

US Fed Governor Cook pointed out that the rise of AI technology has triggered generational shifts in the US labour market, a change that may lead to an increase in the unemployment rate. In this context, the US Fed may find it difficult to respond through interest rate cuts, and monetary policy could face a dilemma: on one hand, interest rate cuts have limited effectiveness in addressing structural unemployment; on the other hand, they may further push up inflation.

The number of people applying for unemployment benefits for the first time in the United States stood at 195,000, lower than expected number 195,000

Last Friday evening, the U.S. unemployment rate for August was announced at 4.2%, and 142,000 non-farm jobs were added after seasonal adjustment in August. The employment data still showed a slowdown compared with market expectations. Considering the approaching U.S. election, there is still room for the August data to be revised downwards. After opening high and then falling low, London copper prices rebounded again during the day, fluctuating near US$8,950 per tonne in the morning session, and rose to test US$9,149 per tonne after the Asian session ended.

SHANGHAI, Apr 10 (SMM) – On the macro level, although US non-farm payrolls released last Friday night dropped, unemployment rate data showed that the labour market was resilient, intensifying expectations for the Fed to raise interest rates.

[National Bureau of Statistics (NBS) Releases Age-Group-Specific Unemployment Rate Data for April] The National Bureau of Statistics (NBS) released age-group-specific unemployment rate data for April. In April, the unemployment rate for the labor force aged 16-24, excluding students, in urban areas nationwide was 15.8%, for those aged 25-29, it was 7.1%, and for those aged 30-59, it was 4.0%.

US non-farm payrolls increased by 177,000 in April, compared to an estimated increase of 138,000 and a prior increase of 228,000. The March data was revised downward. The unemployment rate remained unchanged at 4.2%. The country will continue to increase central fiscal funding to support local and industry efforts in constructing a number of foundational, public-interest, and long-term data infrastructure projects. It will effectively utilize ultra-long-term special treasury bond funds to accelerate the construction of the national data infrastructure architecture. Looking ahead to the "15th Five-Year Plan" period, it will expedite the formulation of a national data infrastructure plan.

US employers increasing hires and raising workers' pay signaled a continued strong job market in April that could keep interest rates high. US non-farm payrolls rose 253,000 in April.

The Ministry of Finance and other departments issued an announcement on tax policies to further support entrepreneurship and employment of key groups which include those who have been lifted out of poverty (including the monitoring objects for preventing return to poverty) and who have received the Employment and Entrepreneurship Certificate (indicating self-employment tax policy or self-employment tax policy within the year of graduation) or Employment and Unemployment Registration Certificate from January 1, 2023 to December 31, 2027.

[SMM Zinc Morning Meeting Summary: US February Unemployment Rate Higher Than Previous Value, LME Zinc Fluctuates at High Levels]: Last Friday, LME zinc opened at $2,929/mt. At the beginning of the session, LME zinc reached a high of $2,929/mt, then fluctuated around the daily average line. During the night session, it declined to a low of $2,873.5/mt, then maintained a low-level fluctuation trend, finally closing down at $2,882/mt, a decrease of $44/mt or 1.5%...