Data strength ≠ economic stability! The United States’ employment “surface recovery” hides risks beneath it. Although the U.S. employment data rebounded in March, the true state of the labor market remains weak. In an uncertain policy environment, companies are becoming more conservative—reducing hiring, controlling costs, and putting the focus on “improving efficiency” rather than “expanding headcount.” Simply put: it’s not that there aren’t enough people, but that companies don’t dare to hire more. Looking ahead to 2026, the market may enter a “semi-frozen state”: more selective hiring, wage growth limited. Companies will continue to optimize their staffing structure, while employment growth may remain below healthy levels, and the unemployment rate is expected to gradually rise to about 4.7%.