Starting this week, the US macroeconomy has entered a new month again. Currently, consumption, as the core driver of the economy, still shows a clear leading trend in growth, but so far, it mainly reflects the replenishment of the savings rate.

Regarding the issue of income, which consists of employment numbers and individual employment salaries (i.e., open-source income for the whole society), the signals were not particularly clear in the past two months due to conflicting data between corporate and household survey statistics.

Therefore, as the first major data point this month, we should still focus on non-farm employment numbers, employment structure, and wage growth.