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<p>The U.S. non-farm payroll data for July fell short of expectations, with an increase of 73,000 people and an unemployment rate of 4.2%. The data for May and June was significantly revised downwards, and market expectations for a 25 basis point rate cut by the Federal Reserve in September rose from 37.66% to 80.31%. Although rate cut trades are mainstream, the conditions for a "compensatory" rate cut have not yet been met. Issues regarding data credibility may affect investment research analysis, highlighting the value of gold</p>

- The U.S. non-farm payroll data for July showed a disappointing increase of 73,000 jobs, leading to a significant rise in the probability of a 25 basis point rate cut by the Federal Reserve in September, from 37.66% to 80.31%.  
- The downward revision of employment figures for May and June raised concerns about data reliability, potentially impacting financial market analysis and increasing the appeal of gold as a safe haven.  
- While the current economic indicators suggest a weakening growth momentum, they do not yet indicate an impending recession, prompting discussions on whether to trade based on rate cuts or recession fears.

Exploring the Underlying Logic of the Significant Revision of Non-Farm Data