According to CICC's research report, the decrease in the unemployment rate in August reflects a reversal of temporary job losses, which is consistent with previous expectations. However, a reduction in the number of new non-farm jobs indicates that businesses' demand for labor is slowing down. It is noteworthy that there has been no obvious layoff behavior among companies, and the number of people applying for unemployment benefits remains at a low level, indicating that the current labor market still maintains a stable state and there are no signs of a sharp decline. Looking ahead, CICC believes that the US economy is still expected to achieve a soft landing. Nevertheless, given the changes in economic conditions and potential risk factors, the Federal Reserve must take appropriate action. According to CICC's assessment, it is likely that the Federal Reserve will cut interest rates by 25 basis points in September. After that, based on market conditions and developments, the Federal Reserve may further adjust the magnitude of its rate cuts to ensure stable economic growth and respond to any emerging challenges.