U.S. December employment data is out, and market reactions are mixed. Non-farm payrolls added only 50,000 jobs, hitting a recent low and falling far short of expectations. The data for the previous two months was also significantly revised downward—this signals very clearly that the labor market is indeed softening. However, surprisingly, the unemployment rate dropped to 4.4%, defying market pessimism. On the wage side, resilience persists. The average hourly earnings for December increased by 0.3% month-over-month, revised up from 0.2%, indicating that although job growth is slowing, those who are employed are seeing wage increases. This set of data is somewhat complex: on one hand, employment growth has sharply decelerated; on the other hand, the unemployment rate remains low, and wages are still resilient—this contradictory combination often signals that the market will face a shift in its new pricing logic.