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Just now, U.S. President Trump responded to the latest employment data. He admitted that the main reason for the unemployment rate rising to 4.5% is that we are cutting government staffing on an unprecedented scale.

According to the Department of Labor, the U.S. unemployment rate in November rose to 4.6%, reaching a new high since 2021. What is behind these numbers?

In November, only 64,000 new jobs were added, while 105,000 jobs were lost in October. The federal government has become the main actor in layoffs, reducing 162,000 jobs in October alone. The "buyout" separation plan and reforms in the Efficiency Department (DOGE) have contributed to this trend.

So far this year, the federal government has cut between 270,000 and 310,000 employees, bringing the federal workforce down to its lowest level in nearly a decade. The White House's logic is straightforward: reduce bureaucratic agencies, save costs, and shift employment toward the private sector.

The private sector has indeed added 687,000 jobs this year, and officials are emphasizing that "overall employment remains stable." But other voices point out that trade friction and policy uncertainty have dampened manufacturing hiring enthusiasm. The unemployment rate continues to climb—are these growing pains of reform or a sign of an economic slowdown? This has become a new focus.

From the statements of the Trump team, they see this as a necessary structural adjustment. The official narrative is: the best time is right in front of us. But will the market believe it? The volatility of assets like $ETH $BTC may already be providing an answer.