Huatai Securities research report states that in December, the US added 50,000 non-farm jobs, below Bloomberg's consensus expectation of 70,000, with a cumulative downward revision of 76,000 for October-November. Although the unemployment rate has declined, the significant downward revision in the previous two months has caused the three-month average of private sector non-farm job additions to fall to a low of 29,000, with the structure becoming further "imbalanced." Looking ahead, the judgment that the job market will gradually improve in the future is maintained, focusing on the "temperature difference" between economic growth and employment; we expect the Federal Reserve to pause rate cuts from January to May and to cut rates 1-2 times after the new Fed chair takes office. December's non-farm job additions were below expectations and concentrated in a few industries: according to the employment diffusion index, December fell relative to November. Considering that recent initial jobless claims mostly exceeded expectations, layoffs have declined, and leading indicators such as NFIB business hiring intentions continue to improve, we still expect US non-farm job additions to rebound subsequently. Attention is paid to the "temperature difference" between US economic growth and the job market. From the Fed's perspective, although employment data is weak, it has not continued to deteriorate. We expect the Fed to pause rate cuts at the January meeting and emphasize observing subsequent data before making decisions. Therefore, we expect the Fed to pause rate cuts from January to May and to cut rates 1-2 times after the new Fed chair takes office.