exceeding expectations), but the unemployment rate has risen to 4.6% (the highest since September 2021).

With more jobs, how are more people unemployed? Simply put, this is an awkward situation of a 'musical chairs' game.

**1. Different counting methods: counting chairs vs counting heads**

- Counting chairs (business survey): asking employers how many salaries they have issued. If you work during the day and drive for rideshare at night? That's counted as two jobs!

Result: With high living costs, the number of people forced to work extra jobs surged by 910,000 in November; the chairs may seem more, but it's actually old players stacking chairs.

- Counting heads (household survey): asking if there are 'jobs available' in your home. Regardless of how many jobs you have, you are just one person. New graduates, immigrants, and those laid off cannot grab new chairs, so the unemployment rate naturally rises.

**2. Too slow in adding chairs**

We need 100,000 to 150,000 new chairs each month to stabilize the unemployment rate, but only 64,000 were added in November. Too many new players, not enough seats for the old players.

**3. New chairs are extremely specialized**

Healthcare +46,000, construction +28,000, while other industries are generally downsizing (logistics -18,000, government -6,000). Doctors and construction workers are in demand, while other professions continue to face challenges.

**Conclusion: Pseudo-positive**

On the surface, job numbers exceed expectations, but the actual job market is cooling, making life tougher for the public. The Federal Reserve is highly likely to maintain a dovish stance, and there won't be an abrupt stop to interest rate cuts.

Not enough chairs, the music hasn't stopped yet—brothers, practice a few more skills, stay steady!