Latest US employment data shows the unemployment rate ticked up to 4.5%, a move largely driven by significant government workforce reductions on an unprecedented scale. What's noteworthy: 100% of new job creation is occurring in the private sector. This bifurcation between public sector contraction and private sector expansion reflects broader structural shifts in the labor market. As macro conditions continue evolving, employment dynamics remain a key indicator for overall economic health—something worth monitoring amid broader market sentiment.