Companies are producing more orders with fewer people, and after a month, the logic of first worrying about recession and then gradually regaining confidence is being repeated. Non-farm employment significantly fell short of expectations, raising initial recession concerns, but after a few days, people start to feel that the economy is actually fine. Looking back at the logic from a month ago still applies, and in addition to that, there are now two more logical points this week: 1. The manufacturing and services PMI released this week are both quite good, and notably, the order indices for both manufacturing and services have significantly exceeded expectations. The top part of the chart shows services, and the bottom part shows manufacturing; the industrial orders significantly exceeding expectations do not indicate a recession in any way. However, companies are reducing their workforce; how can this be explained? It can only be said that the structural changes in the labor market brought about by technological transformation are becoming a reality. With increased productivity, companies are completing more production with fewer people.