Core Viewpoint - The unemployment rate in Hong Kong remains stable at 3.7% for the period from June to August 2025, with slight increases in underemployment rates in certain sectors [1] Employment Statistics - Total employment increased to 3.6806 million, up by approximately 9,300 individuals - The total labor force rose to 3.8316 million, an increase of about 15,400 individuals - The number of unemployed individuals increased to 151,000, up by around 6,000 - The underemployment figure rose to 59,400, an increase of about 4,200 [1] Sector Performance - The unemployment rate varied across industries, with increases noted in the catering services and manufacturing sectors - Conversely, the construction and professional/business services sectors experienced a decline in unemployment rates - Underemployment rates rose in the catering services and arts, entertainment, and recreation sectors, while the building decoration, repair, and maintenance sector saw a decrease [1] Government Response - The Secretary for Labour and Welfare, Sun Yuhan, indicated that while employment conditions will continue to be influenced by the operational status of specific industries, the stable growth of Hong Kong's economy and various government measures aimed at enhancing economic momentum and boosting consumption will support overall labor demand [1]

Core Viewpoint - The UK's ILO unemployment rate for the three months ending in July stands at 4.7%, matching expectations and remaining unchanged from the previous value of 4.70% [1] Group 1 - The unemployment rate reflects the labor market's stability, indicating no significant changes in employment conditions during this period [1] - The consistency in the unemployment rate suggests that economic conditions may be stable, with no immediate pressures on job losses or gains [1] - The data aligns with market expectations, indicating that analysts and investors had anticipated this level of unemployment [1]

Group 1 - The UK ILO unemployment rate for the three months to July remains stable at 4.7%, unchanged from the previous three-month periods ending in May and June [1] - The annual growth rate of wages, excluding bonuses, decreased from 5.0% in June to 4.8% [1] - Investors expect the Bank of England to maintain the benchmark interest rate at 4% during the upcoming meeting, following a cautious approach to rate adjustments since August of last year [1] Group 2 - There are indications of a cooling labor market, with preliminary estimates showing a decrease of 8,000 employees from July to August, following a reduction of 6,000 in the previous month [1]

Group 1 - The unemployment rate for June to August 2025 remains unchanged at 3.7%, compared to the previous three months [1] - The total employment increased by approximately 9,300 people, rising from 3,671,300 to 3,680,600 [1] - The total labor force also increased by about 15,400, from 3,816,200 to 3,831,600 [1] Group 2 - The number of unemployed individuals rose by approximately 6,000, from 145,000 to 151,000 [1] - The underemployment rate increased from 1.4% to 1.6% during the same period [1] - The Secretary for Labour and Welfare, Sun Yuhan, noted that the employment situation will continue to be influenced by the operating conditions of individual industries [2]

Core Viewpoint - The article discusses the unprecedented pressure from the White House on the Federal Reserve, particularly focusing on the potential for significant interest rate cuts amidst a backdrop of political maneuvering and conflicting economic signals [1][3][14]. Group 1: Federal Reserve's Interest Rate Decisions - A majority of market participants expect a 0.25 percentage point rate cut, while President Trump is advocating for a more substantial 0.50 percentage point cut, highlighting a significant divergence in expectations [1][3]. - The White House is attempting to reshape the Federal Reserve's Board by targeting specific members, particularly Lisa Cook, who opposed the rate cut, indicating a systematic effort to influence monetary policy [4][6]. Group 2: Political Maneuvering - The Trump administration's strategy includes both removing dissenting voices and appointing allies to the Federal Reserve Board, which could fundamentally alter the decision-making balance within the institution [4][11]. - The administration's attempt to remove Cook based on past allegations has been temporarily blocked by a court ruling, emphasizing the legal complexities involved in this political battle [8][9]. Group 3: Economic Signals - Current economic indicators present a mixed picture, with rising unemployment and low job creation suggesting a need for rate cuts, while inflation remains above the Federal Reserve's target, complicating the decision-making process [16][18]. - The administration's tariffs are contributing to inflationary pressures, creating a dilemma for the Federal Reserve as it navigates the balance between stimulating the economy and controlling inflation [18].

Economic Overview - The U.S. is experiencing an unprecedented economic storm characterized by uncontrolled inflation and rising living costs, while the job market shows signs of weakness with record unemployment rates and initial jobless claims [1][3][5] Inflation and Employment Data - The Consumer Price Index (CPI) annualized growth rate reached 2.9% in August, up from 2.7% in July, marking the highest level since January [3] - The unemployment rate rose to 4.3% in August, with the broader U6 unemployment rate climbing to 8.1%. Initial jobless claims surged to 263,000 in the first week of September, the highest level in 2023 and since October 2021 [3][9] Factors Driving Inflation - Food and energy prices are significant contributors to inflation, with food prices increasing by 0.6% in August, the largest monthly increase in nearly three years, and gasoline prices rebounding by 1.9% [7] - Housing costs and everyday consumer goods are the primary drivers of sustained inflation, exacerbated by policy factors such as immigration reforms and high tariffs implemented during the Trump administration [9][10] Wage Growth and Consumer Sentiment - Despite nominal wage increases, real wage growth adjusted for inflation was only 0.7% in August, the lowest in over a year, leading to consumer dissatisfaction as they feel the pinch of rising prices [9][10] - Consumers are more concerned about job security and rising grocery prices than macroeconomic indicators, indicating a disconnect between economic policy and everyday realities [13] Federal Reserve's Dilemma - The Federal Reserve faces a challenging situation, needing to balance rising inflation with a weakening job market, leading to speculation about potential interest rate cuts to stabilize market confidence [11][20] - Global monetary policy divergence adds to economic uncertainty, with different central banks taking varied approaches to interest rates [15] Market Reactions - Global markets are closely monitoring U.S. economic signals, with stock markets generally rising due to expectations of economic stimulus, while safe-haven assets like gold and U.S. Treasury yields reflect increased risk aversion [16][18] - Emerging market stocks outperformed developed markets, indicating a shift in investor sentiment amid economic concerns [16] Future Outlook - Predictions suggest that inflation may continue to escalate in the coming months, indicating that the apparent stability of the U.S. economy does not translate to relief for consumers facing financial pressures [19][20]

Group 1 - President Trump has called for the SEC to change the requirement for companies to submit quarterly financial reports to biannual submissions, suggesting it could save costs and allow management to focus on operations [1][2] - This proposal has sparked widespread attention, with some investors warning that extending the disclosure period could reduce transparency and increase market volatility, potentially diminishing the attractiveness of U.S. stocks [2] - Supporters of the proposal argue that focusing too much on quarterly earnings can lead to short-term decision-making, and prominent figures like Jamie Dimon and Warren Buffett have commented on the need for companies to prioritize long-term growth over quarterly earnings [2] Group 2 - The proposed policy change would require a series of processes through the SEC, with industry insiders estimating that it may not be implemented until after 2026 [3] - In addition to the financial reporting proposal, Trump has been active in influencing the Federal Reserve, attempting to remove a board member who he believes could obstruct his interest in interest rate cuts [4][5] - The Senate recently confirmed Stephen Milan as a member of the Federal Reserve Board, who is seen as an ally for Trump's interest in lowering interest rates [4][5] Group 3 - The Congressional Budget Office (CBO) has revised its economic forecasts, predicting a lower growth rate of 1.4% for 2025, an increase in inflation to 3.1%, and a rise in the unemployment rate to 4.5% by the end of the year [6] - Analysts express caution regarding the potential market impact of interest rate cuts, suggesting that if perceived as politically driven, it could exacerbate risks in the stock and bond markets [6][7] - Concerns have been raised about the current market conditions, with warnings that the recent enthusiasm for rate cuts may lead to negative consequences for stocks, bonds, and the dollar [7]

Economic Overview - The domestic economy continued to slow down in August, with a mix of resilience in production and pressure on demand, leading to increased internal differentiation [2][3] - Industrial value-added growth year-on-year was 5.2% in August, down from 5.7% in July, indicating a slight decline but still at a relatively high level [4][6] - The overall economic trend is expected to maintain a slow and stable trajectory with structural optimization, but demand recovery will take time [2][3] Production Sector - The production growth rate showed a slight decline, primarily due to external demand pressures and some upstream industries experiencing production cuts [4][6] - The production-sales rate decreased from 97.1% to 96.6%, indicating a marginal improvement in domestic consumption capacity [4] - Policy-related industries, such as transportation equipment and non-ferrous metals, showed resilience, while export and consumer-related sectors faced significant pressure [6][7] Service Sector - The service sector's production index grew by 5.6% year-on-year in August, down 0.2 percentage points from July, reflecting a slowdown [7] - High-value-added industries like information technology and finance showed growth, while leasing and business services faced challenges due to weak corporate expansion intentions [7] Employment - The urban survey unemployment rate rose slightly to 5.3% in August, primarily due to seasonal pressures from the influx of recent graduates into the labor market [9] Consumption Sector - Retail sales growth year-on-year was 3.4% in August, down 0.3 percentage points from July, indicating a need for stronger consumption recovery [12][15] - Dining consumption showed signs of recovery, while retail sales growth for goods slowed down, reflecting a mixed performance across different categories [14][15] - Essential consumption categories faced declines, while some upgraded consumption categories showed resilience, supported by seasonal demand and policy measures [15] Investment Sector - Fixed asset investment growth was 0.5% year-on-year for January to August, with August showing a significant decline of 7.1% compared to July [16][19] - Investment in manufacturing, infrastructure, and real estate all experienced negative growth, necessitating policy support to break the downward cycle [16][20] - The real estate sector continued to face fundamental pressures, with sales area and sales value both declining significantly year-on-year [20]

Group 1: Economic Indicators - In August, the U.S. CPI increased slightly to 2.9% year-on-year, up from 2.7% in July, while the core CPI remained unchanged at 3.1%[6] - The U.S. non-farm unemployment rate rose to 4.3% in August, an increase of 0.1 percentage points from July, and the U6 unemployment rate increased to 8.1%, up 0.2 percentage points[13] - The initial jobless claims in the week of September 5 reached 263,000, the highest level this year, exceeding the market expectation of 235,000[13] Group 2: Market Performance - Commodity prices generally rose, with IPE Brent crude futures up 1.8%, London gold up 1.6%, and COMEX copper up 1.4% during the week of September 5-12[2] - Major stock markets saw gains, with the Nikkei 225 rising 4.1%, the Hang Seng Index up 3.8%, and the S&P 500 increasing by 1.6%[2] - The 10-year U.S. Treasury yield fell slightly to 4.06%, a decrease of 0.04 percentage points from the previous week[5] Group 3: Policy and Expectations - The Federal Reserve is expected to lower interest rates in September, with a focus on the impact of tariffs on inflation and the potential recovery of the job market post-tax cuts[1] - The European Central Bank maintained its deposit facility rate at 2%, indicating that the process of reducing inflation in the Eurozone has concluded[23] - The Bank of Japan may raise interest rates later this year, as economic conditions are reportedly aligning with expectations[23]

新华财经上海9月15日电（葛佳明） 中国外汇交易中心公布数据显示，9月12日当周三大人民币汇率指数全线下跌，CFETS人民币汇率指数报96.6，按周跌 0.17；BIS货币篮子人民币汇率指数报102.39，按周跌0.31；SDR货币篮子人民币汇率指数报91.12，按周跌0.21。 | 指数名称 | 当日指数 | | --- | --- | | CFETS人民币汇率指数 | 96.60 | | BIS货币篮子人民币汇率指数 | 102.39 | | SDR货币篮子人民币汇率指数 | 91.12 | 图片来源：中国外汇交易中心截图 上周（9月8日至12日）美元指数在低位维持窄幅波动，连续第二周录得收跌，全周累计跌0.12%，收于97.62。非美货币上周表现不一：日元跟随美元走势， 上周先涨后跌，最终小幅收跌0.17%；欧元上周继续维持在年内高位震荡，最终小幅收涨0.15%；英镑小幅收涨0.35%。 "展望未来，人民币汇率大概率延续稳健走势。"工银国际首席经济学家程实认为，一方面，我国经济结构转型持续深化，消费升级、科技创新和绿色转型不 断孕育新的增长动能，为国际收支与资本市场提供了坚实支撑；另一方面，在政策协同发 ...