Goldman Sachs(US:GS) 智通财经网·2025-09-16 03:47Group 1 - The S&P 500 index has surged 32% since its low in April, currently only 5% below the mid-2026 target of 6900 points, despite a significant deterioration in the labor market [1] - The chief U.S. equity strategist at Goldman Sachs, David J. Kostin, noted that the S&P 500 index has set 21 new highs since April, the most frequent record since 2021, contrasting sharply with employment growth dropping from 158,000 in April to just 22,000 in August, leading to an unemployment rate increase to 4.3% [1] - Kostin explained that the disconnect between the stock market and labor data can be attributed to several factors, including the notion that as long as economic growth prospects remain solid, stocks typically benefit from declining yields [1] Group 2 - Labor costs currently account for approximately 12% of the S&P 500 index revenues, and 14% for the median S&P 500 constituent, with a 100 basis point change in labor costs affecting S&P 500 earnings per share by 0.7% [2] - The median employee compensation for S&P 500 constituents has increased by 3% year-over-year, while the Russell 2000 constituents saw a 4% increase, with the materials sector showing the highest median employee compensation growth at 6% [2] - The stock market appears to anticipate that the weakness in the labor market is a short-term phenomenon, as low labor cost stocks have outperformed high labor cost stocks by 8 percentage points this year (17% vs. 8%) [2] Group 3 - The company's wage survey leading indicators suggest that wage growth will continue to cool, which should provide "incremental tailwinds" for corporate profits [3]