来源：市场资讯 （来源：吴说） 编译：GaryMa 吴说区块链 01 月 15 日美联储公布经济状况褐皮书（03:00）美国至 1 月 10 日当周初请失业金人数(万人)（21:30） 吴说本周宏观指标与分析：上周美国非农就业数据喜忧参半；本周重点关注美国 12 月 CPI、美国最高 法院推迟对特朗普关税案件的判决以及美联储经济状况褐皮书等。 上周回顾美国 12 月 ADP 就业人数 4.1 万人，预期 4.7 万人，前值-3.2 万人。美国至 1 月 3 日当周初请 失业金人数 20.8 万人，预期 21 万人，前值由 19.9 万人修正为 20 万人。美国 10 月贸易帐 -294 亿美 元，预期 -589 亿美元，前值由 -528 亿美元修正为 -481 亿美元。美国 12 月非农就业新增 5 万人，不及 预期的 7.3 万，亦低于下修后的 11 月 5.6 万；失业率降至 4.4%，低于预期 4.5%。同时，10 月与 11 月 就业数据合计被下修 7.6 万人。BLS 数据显示，2025 年全年月均新增就业仅 4.9 万，显著低于 2024 年 的 16.8 万。 密歇根大学消费者调查显示，2026 ...

Core Insights - The Federal Reserve's December meeting minutes indicate moderate GDP growth in the U.S., a cooling labor market, and steady economic activity, with a lower-than-expected average growth rate for the first three quarters of the year [2] - The upcoming U.S. non-farm payroll report and the CES event are key focuses for the week [1] Group 1: Economic Indicators - The U.S. initial jobless claims for the week ending December 27 were reported at 199,000, the lowest since November 29, against an expectation of 220,000 [2] - Japan's central bank indicated a need for potential adjustments to monetary easing, with several policymakers advocating for continued interest rate hikes [2] - China's official manufacturing PMI for December was reported at 50.1%, marking its first expansion since April [2] Group 2: Upcoming Events - January 5: U.S. December ISM Manufacturing PMI [3] - January 6: The 2026 Consumer Electronics Show (CES) in Las Vegas [3] - January 7: U.S. December ADP employment numbers [3] - January 8: U.S. initial jobless claims for the week ending January 3 [3] - January 9: U.S. December unemployment rate and seasonally adjusted non-farm payroll figures [3]