On July 2 local time, the highly anticipated US ADP employment data, also known as the "mini non-farm payrolls," sparked a stir, marking the first negative growth since March 2023. The data showed a sharp decline of 33,000 private sector jobs in the US in June, a stark contrast to the 100,000 new jobs economists had previously forecasted. Influenced by this, the market's expectations for the upcoming June non-farm payrolls data have become increasingly pessimistic, with widespread anticipation that growth will fall significantly short of expectations and the unemployment rate may rise. The continued weakness in the job market is highly likely to become a pivotal factor prompting the US Fed to cut interest rates ahead of schedule.