5.4万人！美国8月“小非农”意外走软，降息预期再强化

Core Insights - The U.S. private sector job growth in August fell short of expectations, with an increase of 54,000 jobs compared to the anticipated 65,000 [1][4] - The labor market is showing signs of cooling, with various factors contributing to a slowdown in hiring, including labor shortages and consumer concerns [3][5] Employment Data - The ADP report indicated a revision in previous job growth figures, with July's increase adjusted from 104,000 to 106,000 [1] - Job losses were particularly noted in the trade, transportation, and utilities sectors, which saw a net loss of 17,000 jobs, and the education and health services sector, which lost 12,000 jobs [3] - Conversely, the leisure and hospitality sector added 50,000 jobs in August, partially offsetting the losses in other sectors [3] Wage Growth - Wage growth remained stable in August, with overall wages for employed individuals increasing by 4.4% year-over-year, while those who changed jobs saw a 7.1% increase [4] Unemployment Claims - Initial jobless claims rose to 237,000, an increase of 8,000 from the previous week, exceeding market expectations [4] Federal Reserve Outlook - The labor market concerns have led to increased speculation about potential interest rate cuts by the Federal Reserve, with market expectations for a rate cut in September rising to 97.4% [8][9] - The upcoming official employment report is anticipated to provide further insights into the labor market situation [6][7]