美国就业系列一：就业降，成本不降，联储陷两难

Employment Data - In April 2024, the U.S. non-farm employment increased by 175,000, below the expected 240,000, with March's figure revised from 303,000 to 315,000[7] - The private sector contributed 167,000 to the total employment increase, while government jobs added 14,000[23] - Job vacancies in the non-government sector fell to 7.53 million, down from over 10 million in 2022, indicating a slowdown in hiring plans[7] Wage Growth and Inflation - Average weekly earnings for non-farm employees grew by 3.9% year-on-year as of April 2024, indicating persistent upward pressure on labor costs despite high interest rates[23] - Wage growth remains strong in sectors such as financial services (6.3%), logistics (5.5%), and commercial services (4.3%) despite overall employment growth slowing[23] Economic Outlook - The average monthly hiring plan has decreased to 58,000 as of April 2024, down from 127,000 in 2021, reflecting cautious hiring amid ongoing high interest rates[7] - The unemployment rate slightly increased to 3.9% in April but remains relatively low overall[23] - Manufacturing employment growth has slowed to 0.1% year-on-year, while the information services sector has seen a net loss of 40,000 jobs over the past year[29]