数据修正与政策含义 9月ADP就业数据由初值减少3.2万人上修为减少2.9万人，虽修正幅度有限，但一定程度上缓解了市场对 就业市场急剧恶化的忧虑。当前就业数据呈现"总量温和回暖、结构持续分化"的特征，既支撑了经济软 着陆的可能性，也提示美联储在制定货币政策时需审慎评估不同部门的韧性与风险。 ADP报告成临时风向标但可信度存疑 转自：新华财经 新华财经北京11月5日电（崔凯）美国10月ADP私营部门就业报告显示，新增就业岗位4.2万个，为2025 年7月以来首次实现正增长，亦高于市场预期的2.5万人，扭转了8月和9月连续两个月的岗位减少态势。 这一温和复苏缓解了市场对美国经济失速的担忧，但行业间就业与薪资表现的显著分化，反映出劳动力 市场正处于结构性调整阶段。 就业增长集中于特定行业，部分领域持续收缩 数据显示，教育医疗、贸易运输及公用事业成为10月就业增长的主要驱动力。其中，贸易、运输、公用 事业部门新增4.7万个岗位，金融服务业增加1.1万人，建筑业亦由9月减少0.5万人转为增加0.5万人。然 而，专业、商业服务、信息产业及休闲酒店业连续第三个月出现岗位缩减，其中专业、商业服务减少 1.5万人，制造业减少0 ...

Group 1 - The U.S. labor market showed a complex situation in Q2 2025, with layoffs in June decreasing by 49% from May to 47,999, but the cumulative layoffs for the quarter reached 247,256, the highest since Q2 2020 [1][2] - Year-over-year, cumulative layoffs increased by 39%, indicating ongoing corporate adjustments despite a 50% quarter-over-quarter decline [1] - Employers announced hiring plans of 82,932, a 19% increase from the first half of 2024, although this figure remains below historical averages [1] Group 2 - The government sector experienced significant layoffs, totaling 288,628 for the year, with federal agencies being heavily impacted; June alone saw a 46% increase in government layoffs [2] - The retail sector led private industry layoffs with 79,865, a staggering 256% year-over-year increase; the technology sector followed with 76,214 layoffs, a 27% increase [2] - Non-profit organizations faced a 407% year-over-year surge in layoffs to 16,930 due to reduced federal funding and rising operational costs [2] - The media industry showed signs of structural adjustment, with total layoffs of 4,752 for the year, a 46% decrease, and news industry layoffs dropping by 52% to 1,139, indicating some relief in traditional media's transition pressures [2]