1、近期通胀有所上升，仍处于相对高位。商品价格上涨是今年通胀上升的主要原因，关税对通胀的总 体影响仍有待观察。 2、劳动力市场面临下行风险。劳动力市场目前的情况并非全由移民因素导致，需 求明显放缓。现在的招聘率很低，解雇率也很低。当看到更多弱势群体在找工作方面遇到困难时，就表 明劳动力市场正在走弱。 3、认为无需迅速调整利率，今天降息50个基点（的想法）并未获得广泛支 持。 4、劳工统计局正在努力解决就业数据修正背后的因素，年度就业数据修正几乎与我们预期完全一 致，美联储从劳工统计局（BLS）获取的数据仍然足以满足我们的工作需求，需要更高的回应率来降低 数据波动性。 5、欢迎新的委员会成员，委员会在米兰加入后仍致力于履行双重使命。坚决致力于维护 美联储的独立性。 6、在19位政策制定者中，有10位写下预计今年剩余时间内将降息两次或更多次；另 外10位预计降息次数少于这个水平。 7、关于留任美联储的计划暂无新消息。对库克的诉讼案发表评论 不合适。 来源：滚动播报 ...

13 September 2025 | 10:59PM EDT Elsie Peng +1(212)357-3137 | elsie.peng@gs.com Goldman Sachs & Co. LLC Pierfrancesco Mei +1(212)902-8809 | pierfrancesco.mei@gs.com Goldman Sachs & Co. LLC Jessica Rindels +1(972)368-1516 | jessica.rindels@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. US Daily: What D ...

Core Insights - Current employment data in the U.S. is somewhat disappointing, with expectations for revisions in employment numbers [1] - Investment in the U.S. is anticipated to drive income growth [1] - The independence of the Federal Reserve is deemed crucial for economic growth [1]

Group 1 - The U.S. labor market is showing signs of weakness, with predictions of modest job growth and an increase in the unemployment rate to 4.3% for August, which may lead to a definitive decision on interest rate cuts by the Federal Reserve [1] - The upcoming employment report is significant as it follows news that the number of unemployed in July exceeded job vacancies for the first time since the pandemic [1] - Economic growth in employment is being hindered by high tariffs and immigration policies under the Trump administration, which have led to a reduced labor supply [1][2] Group 2 - Economists expect non-farm payrolls to increase by 75,000 in August, a slight rise from 73,000 in July, but this growth is seen as realistic given the reduced labor supply [1] - The average monthly job creation in the second quarter was only 35,000, significantly lower than the 123,000 in the same period of 2024 [2] - A potential downward revision of employment levels by up to 800,000 is anticipated, based on quarterly employment and wage census data [3] Group 3 - The labor market is experiencing a low turnover rate, with job growth primarily driven by the net creation of new companies, which is the most sensitive area for data adjustments [2] - The manufacturing sector may face job losses due to a strike involving 3,200 Boeing workers, compounded by existing pressures from tariffs [5] - There are indications that labor demand weakened further in August, with economists warning that the risks of layoffs may have been underestimated by the market and Federal Reserve officials [5]

Core Viewpoint - The upcoming annual benchmark revision of non-farm payroll (NFP) data by the U.S. Bureau of Labor Statistics (BLS) is expected to reveal a significant downward adjustment of employment figures, potentially by 550,000 to 800,000 jobs, which could impact market confidence and lead to a 50 basis point rate cut by the Federal Reserve [1] Group 1: Reasons for Data Revision - The primary reasons for the anticipated downward revision include the distortion of the birth-death model, which overestimates job creation from new businesses, and a significant reduction in illegal immigration, leading to an overestimation of the labor force [1][2] - Estimates suggest that these biases may result in an overstatement of actual employment by 40,000 to 70,000 jobs per month, accumulating to 550,000 to 800,000 jobs annually [1][2] Group 2: Employment Data Analysis - Goldman Sachs indicates that the BLS's birth-death model is a major source of employment data distortion, as it relies on estimations rather than actual business registration or tax data, making it prone to systematic overestimation [2] - The Quarterly Census of Employment and Wages (QCEW) and Business Dynamics Statistics (BDM) are considered more reliable benchmarks for employment data, as they are based on actual unemployment insurance records [2][3] Group 3: Employment Trends and Signals - From early 2024, established companies are reportedly adding only 25,000 jobs per month, while the BLS estimates new companies contribute over 100,000 jobs monthly, a discrepancy highlighted by BDM data [3] - To maintain a balanced labor market, a reasonable level of non-farm employment should be around 170,000 jobs per month, with 100,000 from natural growth and 70,000 from model overestimations [3] Group 4: Additional Indicators of Data Issues - Goldman Sachs identifies five additional signals indicating the employment data may be inflated, including a decrease in illegal immigration, seasonal adjustment model inaccuracies, historical patterns of data revisions during economic slowdowns, discrepancies in healthcare employment growth compared to ADP data, and potential overestimations in household surveys regarding population and employment growth [4][5][6][7][8][9]

Core Viewpoint - Federal Reserve Chairman Powell has paved the way for a rate cut in September, but the key remains whether the upcoming non-farm payroll data can provide decisive guidance on the pace and magnitude of the cuts [1][9] Employment Data Concerns - Goldman Sachs indicates that future employment growth revisions are likely to be negative due to several factors [2] - The birth-death model may be overly optimistic [3] - Historical data revisions during economic slowdowns tend to be negative [3] - ADP data raises questions about healthcare sector employment growth [3] - Household surveys currently overestimate immigration and employment growth [3] Labor Market Performance - The outlook for employment growth is bleak, with a significant uncertainty regarding balanced employment growth [3] - Goldman Sachs estimates a balanced employment growth level of around 80,000, while the three-month average growth is concerning at 35,000 [3] - The substantial revision of July data has raised concerns for the Federal Reserve about potentially delayed responses to an impending economic slowdown [3] Rate Cut Path - The window for a more significant slowdown in employment data is currently open [4] - Market focus on August non-farm data is heightened due to previous data revisions [4] - The Federal Reserve is on track for a September rate cut, followed by cautious observation of the labor market for signs of further weakness [4] Rate Cut Cycle Completion - Goldman Sachs believes there is a high likelihood that the rate cut cycle will conclude by mid-2026, regardless of whether the economy is slowing or normalizing [5][7] - Powell's term as Fed Chairman ends in May next year, which may coincide with the end of the rate cut cycle [5] Yield Curve Considerations - The U.S. yield curve is currently flat as of June 26/28, 2026, providing a framework for future policy considerations [6]

Core Insights - Significant downward revision of employment growth and adjustments in the Consumer Price Index (CPI) calculation methods have raised questions about the reliability of official statistics [5][6][19] - Bank of America (BofA) maintains that these data remain reliable but advises caution regarding initial employment figures [6][11] - Alternative data cannot replace official statistics but can provide a reasonable check on the data [7][24] Employment Data - The recent downward revision of 258,000 jobs for May and June is the largest adjustment outside of the pandemic period [8][11] - BofA suggests evaluating these revisions in terms of both absolute numbers and their proportion of total employment, indicating that the latest adjustments, while significant, are not as abnormal when viewed in context [11][12] - The response rate for surveys has declined, which may lead to larger-than-normal revisions, but the revisions typically fall within a 90% confidence interval [13][14][16] Consumer Price Index (CPI) - The increase in imputed data within the CPI is a concern, but BofA believes there is no immediate cause for alarm [20][21] - The Bureau of Labor Statistics (BLS) has had to rely more on imputed prices due to reduced data collection, which could potentially distort inflation readings [20][21] - BofA's analysis indicates that the reduction in CPI sample collection has not significantly impacted overall CPI changes, with discrepancies being less than 1 percentage point [21] Alternative Data Sources - In light of concerns over government data reliability, BofA identifies several alternative data sources, such as Homebase, ADP, and credit card spending data, which can provide insights into labor market conditions and consumer spending [24][26][27] - While these alternative data sources are useful supplements, BofA emphasizes that there is no perfect substitute for official statistics [28] GDP Tracking Adjustments - BofA has revised its second-quarter GDP growth estimate down by 0.1 percentage points to 2.9%, influenced by lower-than-expected construction spending and downward revisions in payroll data [29][30] - The adjustments in GDP tracking reflect changes in employment data, construction spending, and inventory levels, indicating a more cautious economic outlook [29][30]

Group 1 - The core viewpoint of the news is that the U.S. is moving forward with a new round of tariffs on multiple countries, which has been confirmed by U.S. Trade Representative Robert Lighthizer, and there are significant adjustments to previously reported employment data that have raised concerns about the U.S. job market [2][3] - The new tariffs include a 35% tariff on goods imported from Canada, a 50% tariff on Brazil, a 25% tariff on India, and a 39% tariff on Switzerland, indicating a firm stance on trade policy by the Trump administration [2][3] - The U.S. Labor Department reported an increase in the unemployment rate in July, and the number of non-farm jobs added in May and June was significantly revised downward, suggesting a cooling job market [3]

Core Viewpoint - The latest employment report indicates a significant downward revision in U.S. job growth data, marking the largest adjustment since the pandemic, which alters the recent labor market landscape [1] Group 1: Employment Data Revision - The U.S. Bureau of Labor Statistics (BLS) reported that non-farm employment numbers for May and June were revised down by nearly 260,000, primarily due to seasonal adjustment issues and a general trend of low response rates [1][4] - The revisions were heavily concentrated in the education sector of state and local governments, which accounted for about 40% of the total adjustment [4] Group 2: Response Rate Concerns - The response rate for statistical surveys has been declining, with initial collection rates dropping below 60%, compared to the pre-pandemic norm of around 70% [4][5] - The lack of data and concentrated late reporting increases the risk of larger-than-expected revisions, as noted by the president of Inflation Insights [4] Group 3: Impact of Government Policies - The decline in response rates may also be influenced by rapid policy changes in Washington, which could further degrade data quality [6] - The BLS has indicated that about 15% of data in its consumer price index sample has been suspended from collection due to resource constraints [5]

Group 1 - The core point of the news is that President Trump has accused the Bureau of Labor Statistics (BLS) director, Erica McEntyre, of artificially inflating employment data ahead of the 2024 U.S. elections and has called for her dismissal [1][2] - The U.S. added only 73,000 jobs in July, significantly below market expectations, with the unemployment rate rising to 4.2%. Notably, the employment data for May and June was revised down by a total of 258,000 jobs [1][2] - The BLS reported that the revisions were based on subsequent reports from businesses and government agencies, as well as seasonal adjustments [2] Group 2 - Trump claimed that the employment report was compiled by officials appointed by Biden and alleged that McEntyre and the BLS had "falsified" employment data before the last election, suggesting that the job growth for 2023 was overestimated by approximately 818,000 jobs [2] - Following the release of the employment data, Labor Secretary Laura Chavez-Dremer announced that Deputy BLS Director William Wiatrowski would serve as acting director until a successor is found [2][3] - Trump has also criticized Federal Reserve Chairman Jerome Powell, suggesting that the Fed's actions, including interest rate decisions, are politically motivated to influence the upcoming elections [4]