Friday night's U.S. Department of Labor non-farm payroll report came unexpectedly — job creation was far below expectations. This not only made Wall Street nervous but also prompted economists to ponder: is this a sign of a soft landing for the U.S. economy, or the beginning of the end of a more than two-year employment boom? As the supply and demand dynamics in the labor market gradually surface, a series of profound adjustments are underway, from companies' hiring strategies to workers' salary negotiations.

**The Logic of Corporate Hiring Is Reversing**

The most obvious change is on the recruitment front. Over the past two years, American companies have been severely affected by a "labor shortage," forcing them to raise wages aggressively and lower hiring thresholds to fill positions. But the softening of non-farm payroll data exposes a reality: companies' hiring mentality is undergoing a fundamental shift.

Many companies are starting to freeze new hiring or even reduce staff through natural attrition — in other words, employees resign and are not replaced. The logic is clear: with high borrowing costs and uncertain economic prospects, cost-cutting has become a top priority. The result is a decline in job vacancies, which directly impacts the entire recruitment market. The once "job seeker’s market" is about to turn around.

**Wage Negotiation Landscape Is Changing**

Data shows that the growth of average hourly wages is beginning to slow, indicating that employers are regaining bargaining power over wages. The era where workers could significantly increase their pay by switching jobs is gradually fading. Companies are shifting from "not raising wages for fear of losing employees" to "hiring slowly, as there are always people waiting," and the balance of power in workplace negotiations is tilting again.

**Chain Reactions in the Market**

These employment market changes also have implications for the crypto market. Slowing economic growth and tightening employment opportunities typically influence risk asset allocation, and market risk appetite will adjust accordingly. From a macro perspective, the focus in the coming period should be on the Federal Reserve’s policy direction and corporate earnings data, as these will directly impact market sentiment.