In June 2025, the non farm payroll data in the United States exceeded expectations on the surface but remained structurally weak, with 147000 new jobs added (expected 110000, revised from the previous value of 144000), the unemployment rate dropping to 4.1% (expected 4.3%), and wages increasing by 3.7% year-on-year (expected 3.8%). Despite strong headline data, the private sector only added 74000 people, the lowest level since October 2024, and the government sector contributed nearly half of the new employment (73000 people), mainly concentrated in the state and local education sector.