Panasonic macroeconomists wrote that if the non-farm employment data deviates significantly from expectations, asset prices might rebound. Before the report is released, the implied overnight dollar volatility has exceeded the typical level prior to the employment data release, indicating that options betting has prepared for market volatility. However, do not overreact, as Panasonic Macro pointed out, unless there is a significant upside surprise, recent trends will remain unchanged, with hiring gradually but meaningfully slowing since the first half of 2024.