布米普特拉北京投资基金管理有限公司：行业分化下的美国劳动力市场现状

Group 1 - The latest ADP employment report indicates that private sector employment in the U.S. increased by 54,000 in August, falling short of the market expectation of 65,000 and showing a significant slowdown from the revised 106,000 in the previous month, suggesting challenges in the labor market [1] - ADP's Chief Economist Nela Richardson noted that the strong employment growth seen earlier this year has been impacted by uncertainties, with declining consumer confidence, labor shortages, and disruptions related to artificial intelligence being key factors for the slowdown [3] - The employment market shows a clear divergence across industries, with trade, transportation, and utilities sectors experiencing a net loss of 17,000 jobs, while the leisure and hospitality sector added 50,000 jobs, partially offsetting losses in other areas [3] Group 2 - Wage growth remains stable, with salaries for retained employees increasing by 4.4% year-over-year, while job switchers saw a 7.1% increase, consistent with the previous month [6] - Initial jobless claims rose to 237,000, the highest since June 21, indicating signs of fatigue in the labor market, although the overall employment market remains healthy with a low unemployment rate of 4.2% [6] - The JOLTS job openings data for July showed the worst performance since 2020, reflecting a cautious hiring stance among U.S. businesses due to trade policy uncertainties, with the annualized economic growth rate for the first half of the year at just 1.3%, significantly lower than last year's 2.5% [8]