165k jobs added, unemployment rate falls to 4.1%! Is the U.S. economy really strong enough not to need rate cuts?

Is the U.S. economy really as strong as people imagine? October’s nonfarm payrolls data offered a compelling answer.
The number of jobs added reached 165k, far exceeding market expectations of around 65k, while the unemployment rate also fell to 4.1%.
More noteworthy, August and September job figures were revised up by a combined 84k. This means the market may have been too pessimistic about the labor market.
By sector, professional and business services added 70k jobs, health care added 42k, and transportation and warehousing added 25k.
However, the data isn’t entirely free of concerns. The number of people forced to work part time for economic reasons rose by 339k to 4.8 million. The labor market looks good on the surface, but the quality of employment for some workers remains a concern.
Additionally, average hourly earnings rose 3.1% year over year, and whether wage growth will continue to put pressure on inflation is also worth watching.
So, is the U.S. economy strong enough not to need rate cuts? The answer is probably not that simple.
The Federal Reserve needs to look not only at employment, but also at inflation, consumer spending, and the broader economic environment.
The employment data looks impressive, but you can’t judge the economy’s report card by its cover—you have to read the fine print inside!#亚太股市集体重挫