宏观和大类资产配置周报：美国制造业就业需求走弱值得关注

Economic Data - In August, the U.S. non-farm employment increased by 142,000, falling short of the expected 165,000[1] - The unemployment rate decreased from 4.3% in July to 4.2% in August, marking the first decline since March[1] - The average hourly wage for private sector employees rose to $35.2, an increase of $0.1 from July[2] Market Performance - The CSI 300 Index dropped by 2.71% this week, while the CSI 300 futures fell by 3.01%[1] - Coking coal futures declined by 9.98%, and iron ore futures decreased by 9.85% this week[1] - The yield on ten-year government bonds fell by 3 basis points to 2.14%, with active ten-year bond futures rising by 0.54%[1] Asset Allocation Recommendations - Recommended asset allocation order: Bonds > Commodities > Stocks > Currency[2] - Bonds are rated as overweight due to a loose monetary policy suppressing yield increases[2] - Commodities are also rated as overweight, benefiting from growth-stabilizing policies favoring infrastructure investment[2] Risks and Concerns - Global inflation is declining slower than expected[2] - There is a risk of a rapid economic downturn in Europe and the U.S.[2] - The complexity of international relations poses additional risks[2]