Citic Sec stated that in October 2024, the United States added non-farm employment numbers were lower than expected. Medical care services and government departments were the main contributing factors, while durable goods manufacturing and temporary help services were the main drag. The October non-farm data was significantly disrupted by the impact of hurricanes Helene and Milton, as well as the Boeing strike. The labor force decreased by 0.22 million people, employment decreased by 0.242 million from the previous value. The changes in demand and supply were relatively balanced, explaining why the addition of non-farm employment numbers in October decreased significantly but the unemployment rate remained stable. Overall, the U.S. job market showed a mild weakening, but wage growth remained steady and there was no significant corporate layoffs. The job market remained healthy, and the October non-farm data continued to provide evidence of a "soft landing," supporting our previous determination that the Federal Reserve will cut interest rates by 25bps twice within the year.