Group 1 - The Federal Reserve decided to maintain the federal funds rate target range at 4.25%-4.5%, marking the fifth consecutive pause in rate hikes since March 2023 [1] - The FOMC members unanimously acknowledged a slowdown in economic activity growth in the first half of the year, despite fluctuations in net exports affecting data [1] - The decision to keep the benchmark interest rate unchanged was supported by a 9-2 vote, with two members advocating for a 25 basis point cut to prevent further weakening of the labor market [1] Group 2 - Recent labor market data showed that July's non-farm payroll additions were significantly below expectations, with an increase in the unemployment rate and a drop in labor force participation to its lowest level since the end of 2022 [1] - Historical revisions to employment data for May and June erased over 250,000 job additions, undermining the perception of a strong labor market [1] - The mixed inflation data in July has caused discomfort within the Federal Reserve, with ongoing tariff effects expected to continue pushing inflation higher in the coming months [2]

（原标题：爱沙尼亚第二季度失业率为7.8%） 2025年第二季度，爱沙尼亚就业率为68.9%，比上年同期下降0.8个百分点，比今年第一季度高出 1.5个百分点，劳动力参与率为74.8%。 据爱沙尼亚统计局数据，2025年第二季度，爱沙尼亚失业人数共计5.92万人，失业率为7.8%，比上 年同期提高出0.2个百分点，但比2025年第一季度下降0.8个百分点。其中，男性失业率为8.4%，较上年 同期上升0.8个百分点，女性失业率为7.2%，较上年同期下降0.3个百分点；青年（15至24岁的群体）失 业率达25.4%，高于上年同期2.8个百分点，高于今年第一季度6.6个百分点。 ...

SHMET 网讯：美国劳工统计局（BLS）今日报告称，7月非农就业总人数变动不大（+7.3万），自4月以来几乎没有明显变化。7月失业率为4.2%，同样 变化不大。医疗保健和社会援助行业就业继续上升，而联邦政府的就业岗位持续减少。 本新闻稿的数据来源于两项月度调查。家庭调查按人口特征衡量劳动力状况，包括失业情况；机构调查则按行业统计非农就业、工时和薪资。有关这两 项调查所用概念和统计方法的详细说明，请参见技术说明。 家庭调查数据 7月失业率为4.2%，失业人数为720万人，均较前月变化不大。自2024年5月以来，失业率一直维持在4.0%至4.2%的窄幅区间内。 主要劳动力群体中，成年男性（4.0%）、成年女性（3.7%）、青少年（15.2%）、白人（3.7%）、黑人（7.2%）、亚裔（3.9%）和西班牙裔（5.0%） 的失业率在7月均变化不大。 7月，新进入劳动力市场的失业人数增加27.5万至98.5万。新进入者是指首次寻找工作的失业人口。 长期失业人口（失业27周及以上）在7月增加17.9万，达到180万人，占全部失业人口的24.9%。 7月劳动力参与率为62.2%，与前月变化不大，但较去年同期下降0.5个百 ...

美国7月劳动力参与率 62.2%，预期 62.3%，前值 62.3%。 ...

Group 1 - The core viewpoint is that the Governor of the Bank of England, Andrew Bailey, expresses confusion over the low labor participation rate in the UK compared to other countries [1] Group 2 - The article highlights that the UK labor participation rate remains a significant concern for economic recovery and growth [1] - It suggests that understanding the reasons behind this low participation is crucial for formulating effective economic policies [1] - The statement reflects ongoing challenges in the UK labor market, which may impact future economic forecasts and investment strategies [1]

机构分析师就美国非农报告：受劳动力参与率下降的影响，本月的失业率变化不大。但失业人数连续第 四个月上升，这是自2009年以来最长的连续上升。 ...

数据还显示，5月份的平均时薪比上月增长0.4%，高于前值的0.2%和预期值0.3%，同比增长3.9%，高于前值的3.8%和预期值3.7%，；劳动力参与率从前一个 月的62.6%降至62.4%。 金融市场预计，美联储本月将维持基准隔夜利率在4.25%-4.50%的区间不变，9月份将恢复降息。 机构分析师表示，"美国良好的工资数据可能进一步推低降息预期，并对收益率曲线的前端产生负面影响。总体而言，我们认为就业数据巩固了我们对美联 储'（把利率水平）坚持到底'的看法——至少在今年第四季度之前是这样。"分析师指出，工资的小幅上涨，以及4.2%的稳定失业率，显然将让美联储按兵 不动，因此，本周早些时候被完全计价的美联储9月份降息几率预计将回落至75%左右。 Columbia Threadneedle Investment的利率策略师埃德•侯赛尼（Ed Al-Hussainy）表示："乍一看，劳动力市场数据与我们今年迄今为止获得的稳健增长数据相 符。对美联储来说，没有什么可以改变现状的，基本上很无聊。" 周五，美国劳工统计局公布的数据显示，美国5月非农就业人数新增13.9万人，高于市场预期的13万人，失业率维持在4.2% ...

Core Viewpoint - Morgan Stanley indicates that a reduction in immigration will impact the U.S. labor force participation rate, potentially leading to a "chilling effect" on the participation rate of foreign-born individuals [1] Group 1: Labor Market Impact - The reduction in immigration is expected to lead to decreased working hours and may affect overall labor force participation [1] - If the average overall participation rate declines, the employment growth breakeven needed to maintain a stable unemployment rate will be lower [1] Group 2: Economic Growth Projections - Analysts estimate that the potential growth rate of the U.S. economy will decrease from approximately 2.5%-2.7% during 2022-2023 to 2.1% [1]

旧金山联储工作报告：关税上调将刺激美国制造业就业扩张，但这是以服务业和农业就业下降为代价 的，由于实际工资下降导致劳动力参与率下降，整体就业率下降。就美国整体而言，到2028年，实际收 入将下降约1%。 ...

Group 1 - The labor force participation rate in the U.S. for April is reported at 62.6%, which exceeds the expected rate of 62.5% and matches the previous value of 62.5% [1]