The U.S. added 64,000 nonfarm payrolls in November, exceeding expectations, but the unemployment rate rose to 4.6%, a new high since 2021, and wage growth slowed. The government shutdown extended the data collection period, and the number of jobs fell sharply by 105,000 in October. The Federal Reserve faces the dilemma of weak employment and inflation risks, and expectations of interest rate cuts are rising. Wmax reminds us that we need to pay attention to the three core variables of data correction, statistical methods and real industry demand.