The latest US non-farm payroll data exceeded expectations, with 263,000 new jobs far surpassing forecasts, and the unemployment rate holding steady at 3.7%, indicating a resilient labor market. Market interpretation suggests no signs of recession in the economy, easing the pressure for aggressive Federal Reserve rate hikes, with the probability of pausing rate hikes in September rising to 90%. US stock index futures rose accordingly, the US dollar index strengthened in the short term, US Treasury yields retreated, and gold came under pressure. Strong employment may support consumption and add momentum for a soft landing of the economy, but persistent inflation remains a hidden concern.