【宏观周报】中央经济会议指示明年经济建设方向，美通胀数据未改变美联储12月降息预期

Economic Outlook - The Central Economic Work Conference emphasized maintaining stable economic growth and employment in 2024, with a focus on proactive fiscal and monetary policies[2] - The manufacturing PMI for November was reported at 50.3%, marking an increase of 0.2 percentage points from October, indicating continued expansion for the eighth consecutive month[3] Inflation and Prices - November's consumer price index (CPI) rose by 0.2% year-on-year, while the producer price index (PPI) decreased by 2.5% year-on-year, reflecting ongoing low inflation levels[3] - Core CPI, excluding food and energy, increased by 0.3% year-on-year, showing a slight expansion compared to the previous month[3] Monetary Policy - The People's Bank of China introduced new reverse repurchase agreements to enhance liquidity management, with the one-year LPR set at 3.10%, down 26 basis points[4] - In the U.S., November inflation data showed a year-on-year increase of 2.7%, with core inflation rising by 0.3%, maintaining expectations for a potential interest rate cut by the Federal Reserve[4][5] Employment Data - The U.S. added 227,000 non-farm jobs in November, surpassing the market expectation of 211,000, while the unemployment rate slightly decreased to 4.2%[5] - The labor force participation rate unexpectedly fell to 62.5%, indicating potential labor market challenges[5]