The latest data from the U.S. Department of Labor has been released. For the week ending December 20th, initial unemployment claims were 214,000, which is lower than the expected 224,000 and also better than the previous week's 224,000. At first glance, this seems like a positive signal, but the continued claims for unemployment benefits reached 1.923 million, exceeding the 1.9 million expectation — which is a bit concerning.

Seasonal adjustments during the holiday season do cause data fluctuations, but what’s more noteworthy is that the U.S. labor market is currently in an awkward state: it’s neither hiring on a large scale nor laying off significantly. Economists call this the "no hiring, no firing" mode. In this stalemate, the unemployment rate for December is expected to remain high. For financial markets, this economic data uncertainty often triggers volatility, especially affecting the pricing of risk assets.