Due to the government shutdown, data released by the U.S. Bureau of Labor Statistics (BLS) shows that non-farm employment increased by only 64,000 in November, remaining basically unchanged compared to April. Meanwhile, the unemployment rate has continued to climb in the later part of this year, currently reaching 4.6%.

Elyse Ausenbaugh, Chief Investment Strategist at Morgan Stanley Wealth Management, believes that the data from October is particularly "alarming." She stated that this report reinforces the market's view on the Federal Reserve's current policy path. The "insurance-style" rate cuts over the past few months were a prudent move, bringing rates back to a more neutral level. She thinks that another rate cut in the first quarter of 2026 may be appropriate, but currently, the economy remains stable, and the Federal Reserve is patient in observing subsequent actions.