据爱沙尼亚统计局数据，2025年第三季度，爱沙尼亚共有54200名失业人员，失业率为7.1%，比上 年同期下降0.3个百分点，比今年第二季度下降0.7个百分点；就业率为69.7%，比上年同期高出0.6个百 分点；劳动参与率为75.1%，比上年同期高出0.5个百分点。 （原标题：爱沙尼亚2025年第三季度失业率为7.1%） ...

Core Viewpoint - Australia's unemployment rate decreased from 4.5% in September to 4.3% in October, returning to levels seen from June to August this year [1] Employment Data - In October, the number of employed individuals in Australia increased by 42,200, while the number of unemployed decreased by 17,000 [1] - Full-time employment rose by 55,000, with female full-time employment increasing by 29,000 and male full-time employment by 26,000 [1] - Part-time employment saw a decline of 13,000, primarily due to a decrease of 21,000 in female part-time employment [1] Labor Participation Rate - The labor force participation rate remained steady at 67%, with female participation at 63.1% and male participation at 71% [1] - Monthly hours worked increased by 0.5%, and the underemployment rate fell by 0.2 percentage points to 5.7% [1] Economic Implications - Economists suggest that the decline in the unemployment rate reduces the likelihood of the Reserve Bank of Australia lowering interest rates in the near future [1] - Core inflation has unexpectedly risen, and the tight labor market indicates that there may not be further interest rate cuts in the foreseeable future [1] - The overall labor market and economy remain relatively tight, limiting the Reserve Bank's ability to stimulate stronger economic growth through rate cuts in the short term [1]

本月4日，澳大利亚储备银行(央行)宣布将现金利率维持在3.6%不变，理由是通胀高于预期，且劳动力 市场依然略显紧张。澳媒援引经济学家分析称，最新公布的数据意味着澳央行近期考虑降息的可能性较 小。(完) 来源：中国新闻网 澳大利亚10月失业率回落至4.3% 中新社悉尼11月13日电 澳大利亚统计局13日公布数据显示，经季节性因素调整，该国10月失业率从上 月的4.5%回落至4.3%。 这一数字与今年6月、7月和8月水平相当。数据显示，经季节性因素调整，今年10月澳大利亚就业人数 环比增加约4.22万人，同比增长约1.6%，至约1468.32万人；失业人数环比减少约1.7万人，同比增长约 7.8%，至约66.54万人。 澳大利亚统计局劳工统计部门负责人肖恩·克里克(Sean Crick)表示，与往年10月份相比，今年10月有更 多失业人员找到工作。全职就业人数增加约5.5万人，其中女性新增约2.9万人，男性增加约2.6万人。同 时，兼职就业人数减少约1.3万人。 此外，经季节性因素调整，澳10月劳动参与率保持在67%。其中，女性劳动参与率为63.1%，男性劳动 参与率为71%。 澳大利亚国库部长查默斯当天发表声明 ...

Core Insights - The unemployment rate in the Philippines decreased to 3.8% in September, marking a 0.1 percentage point decline from August, and representing the second consecutive month of decline [1] - The number of unemployed individuals fell to 1.96 million, a reduction of 70,000 from August [1] - The labor force participation rate dropped to 64.5%, down from 65.1% in August and 65.7% year-on-year, indicating a weakening in labor market activity [1] Employment Sector Analysis - The services sector remains the largest employer in the Philippines, with 30.4 million jobs, accounting for 61.3% of total employment [1] - Agriculture and industry represent 20.9% and 17.8% of total employment, respectively [1] - Notable year-on-year employment growth was observed in construction, fisheries, aquaculture, and accommodation and food services [1] - Month-on-month, significant employment increases were seen in education, agriculture and forestry, as well as mining and quarrying [1] Employment Quality - The underemployment rate in the Philippines rose to 11.1% in September, an increase of 0.4 percentage points from August, indicating that workers are seeking more hours or better job opportunities [1] - The youth unemployment rate for individuals aged 15 to 24 slightly decreased to 11.6%, down 0.1 percentage points from August, suggesting continued improvement in employment conditions for the youth demographic [2]

Core Insights - Australia's unemployment rate increased from 4.3% to 4.5% in September 2025, marking the highest level since November 2021 [1] - The number of employed individuals rose by 0.1% month-on-month and approximately 1.3% year-on-year, reaching 14.64 million [1] - The number of unemployed individuals increased by about 5.2% month-on-month and 12.6% year-on-year, totaling 684,000 [1] Employment Data Summary - Seasonally adjusted employment figures show a month-on-month increase of 0.1% and a year-on-year increase of approximately 1.5%, totaling 14.647 million [1] - The number of unemployed individuals rose by about 0.6% month-on-month and 8.2% year-on-year, amounting to 661,500 [1] - Monthly working hours increased by 0.5% month-on-month, while the underemployment rate rose by 0.2 percentage points to 5.9% [1] Labor Participation Insights - The labor participation rate increased by 0.1 percentage points to 67%, slightly below the historical high of 67.2% recorded at the beginning of the year [1] - In September, there was an addition of 34,000 unemployed individuals and an increase of 15,000 employed individuals [1]

Group 1 - The unemployment rate in the Philippines decreased to 3.9% in August, down 1.4 percentage points from July and 0.1 percentage points from the same month last year [1] - The labor force participation rate rose to 65.1% in August, higher than 60.7% in July and 64.8% a year ago, indicating increased activity in the labor market [1] - The number of unemployed individuals fell to 2.03 million in August, a decrease of 560,000 from the previous month and 40,000 from the same period last year [1] Group 2 - The services sector employed the most individuals, with 30.81 million jobs in August, accounting for 61.5% of total employment; agriculture and industry accounted for 20.4% and 18.1%, respectively [1] - Employment in agriculture, forestry, construction, and fisheries showed significant growth both year-on-year and month-on-month [1] - The underemployment rate improved to 10.7% in August, down from 14.8% in July and 11.2% a year ago, indicating better job quality [1] Group 3 - The youth unemployment rate for individuals aged 15 to 24 dropped to 11.7% in August, a decrease of 6.4 percentage points from July and lower than the 12.0% recorded last year [1]

Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the **gold market** and its relationship with **U.S. economic indicators**, particularly focusing on interest rate expectations and inflation trends. Core Insights and Arguments 1. **Gold Price Drivers**: The recent increase in gold prices is primarily driven by heightened expectations of U.S. interest rate cuts due to weaker economic data, particularly non-farm payrolls, and manageable inflation risks [2][3][4]. 2. **Interest Rate Expectations**: The market has largely priced in a rate cut in September, with expectations of 2-3 cuts by the end of the year, potentially lowering the federal funds rate to 3% by the end of 2025 [3][27]. 3. **Employment Market Analysis**: The decline in non-farm payrolls does not necessarily indicate an impending recession; it reflects a complex interplay of factors including economic slowdown, declining labor participation, and increased AI investments [5][10][11]. 4. **Inflation Dynamics**: Oil prices are identified as the primary driver of U.S. inflation, with the Consumer Price Index (CPI) expected to decline due to base effects and falling prices in key categories like used cars and rent [15][17][23]. 5. **Geopolitical Factors**: Geopolitical tensions have historically influenced gold prices, but their impact is currently diminishing as the market stabilizes [37]. 6. **Central Bank Gold Purchases**: Central banks, particularly in emerging markets, are expected to continue increasing their gold holdings as part of long-term reserve diversification strategies [31][35]. 7. **ETF Influence**: The relationship between gold prices and ETF holdings is significant; as U.S. Treasury yields decline, ETF purchases of gold are likely to increase, further supporting gold prices [32][42]. 8. **Speculative Indicators**: Speculative long positions in gold can provide some insights into price movements, but their reliability is limited, especially at market peaks [34][36]. Additional Important Insights 1. **Labor Market Trends**: The U.S. labor market is characterized by a "three lows" balance (low hiring, low employment, low unemployment), which is crucial for maintaining economic stability [11][12]. 2. **Future Economic Outlook**: The potential for a global monetary easing environment could benefit both stocks and gold, although stocks may outperform in such scenarios [41]. 3. **Risks to Gold Market**: Potential risks include short-term volatility around the September FOMC meeting and geopolitical developments that could alter central bank purchasing behavior [40][43]. 4. **Long-term Economic Indicators**: The inversion of the nominal GDP and federal funds rate suggests a need for rate cuts to alleviate economic pressures, historically indicating a recession [28]. This comprehensive analysis highlights the interconnectedness of economic indicators, interest rate policies, and gold market dynamics, providing a nuanced understanding of current trends and future expectations.

Core Insights - The labor participation rate for individuals aged 15 and above in Mongolia decreased by 0.3% year-on-year in the second quarter of 2025, standing at 61.9% [1] Labor Market Overview - The total number of individuals aged 15 and above participating in the labor force is 1.5 million [1] - The employment rate is reported at 95.5%, equating to approximately 1.433 million employed individuals [1] - The unemployment rate is 4.5%, which corresponds to around 67,000 unemployed individuals [1] - The non-labor force population is 38.1%, amounting to approximately 896,800 individuals [1] - The potential labor force is 2.7%, translating to about 24,200 individuals [1]

Employment Data - The unemployment rate in the U.S. rose from 4.117% in June to 4.248% in July 2025, approaching the expected 4.2%[5] - Non-farm payrolls added 73,000 jobs in July, significantly below the expected 104,000, with prior months' data revised down by a total of 258,000 jobs[5][48] - The labor force participation rate decreased from 62.3% to 62.2% in July, with declines across three age groups, except for those aged 55 and above, which saw a 0.1 percentage point increase[7][25] Market Reactions - Following the employment data release, the probability of a rate cut in September rose to 80%, and the likelihood of two or more cuts in 2025 increased to 87%[5][11] - U.S. Treasury yields fell sharply, with the 2-year yield dropping by 25 basis points, while all major stock indices declined, with Nasdaq down 2.2%[5][12] Job Sector Analysis - In the private sector, five industries reported job losses in July, while the government sector saw a decrease of 10,000 jobs; however, private sector jobs increased by 83,000 when excluding government jobs[9][69] - The largest job gains in the private sector were in education and health services (79,000), followed by retail (16,000) and financial activities (15,000)[70] Unemployment Claims - The number of individuals receiving unemployment insurance remained stable at 1.946 million as of July 19, 2025, which is approximately 640,000 higher than the lowest point in mid-2022[10][32] - Initial claims for unemployment benefits rose slightly to 218,000 for the week ending July 26, 2025, with a monthly average of 221,000, down by 20,000 from June[10][36]

Employment Data Summary - In July 2025, the U.S. non-farm payrolls increased by 73,000, significantly below the expected 110,000, and the previous value was revised down from 147,000 to 14,000[1][11]. - The unemployment rate in July 2025 was 4.2%, matching expectations but up from the previous 4.1%[1][14]. - Average hourly earnings rose by 3.9% year-on-year, exceeding the expected 3.8% and revised from a previous increase of 3.7%[1][14]. Data Revision Insights - The June non-farm payrolls were revised down by a total of 258,000, with significant downward adjustments in government, leisure, and construction sectors, accounting for 90,000 of the total revision[2][12]. - The downward revision reflects the impact of tariffs on the U.S. economy, indicating a decline in the accuracy of the "birth-death model" used for employment predictions[2][5]. Sector Performance - In July, the financial activities, education, and healthcare sectors added 15,000, 79,000, and 16,000 jobs respectively, showing stability in service sector demand[3][27]. - The goods-producing sector continued to show negative job growth for three consecutive months, indicating weak production intentions among businesses[3][28]. Labor Market Dynamics - The labor force participation rate fell to 62.2% in July, down from 62.3% in June, with a notable decline in employment willingness among younger demographics[4][35]. - The number of unemployed individuals increased by 221,000 in July, contributing to the rise in the U3 unemployment rate to 4.2%[4][35]. Economic Outlook - The Federal Reserve is expected to initiate rate cuts, with market predictions indicating three rate cuts in 2025, starting in September with an 83.4% probability[5][26]. - The overall economic environment remains challenging, with the second quarter GDP growth at 3.0%, driven by a "import rush" effect, but core GDP growth showing signs of decline[5][23].