According to Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management, everything looks good digitally. Participation rates have increased, and working hours have increased. The reason for the decline in unemployment is that more people have joined the labor force. This data still shows that the labor market is strong. We have always believed that the Federal Reserve will not cut interest rates at all, because the economy is strong, so this is still in line with our framework, that is, good employment data should allow the Federal Reserve to maintain a wait-and-see position.