Core Viewpoint - The U.S. job market shows signs of recovery with an increase in employment, but overall growth remains limited and inflationary pressures persist, impacting consumer demand and profitability [3][4][5]. Economic Indicators - The ADP employment report for October indicates an increase of 42,000 jobs, surpassing market expectations of 28,000, following a revised loss of 29,000 jobs in September [3]. - The U.S. services sector PMI rose from 50.0 in September to 52.4 in October, suggesting a robust economic performance entering Q4, driven by strong growth in the services sector [5]. - The overall business activity growth is estimated at an annualized rate of approximately 2.5%, consistent with the solid expansion trend observed in Q3 [4]. Sector Performance - Growth in employment was primarily seen in education, healthcare, trade, transportation, and utilities, while sectors like professional business services and leisure continue to experience layoffs [3][5]. - Despite the increase in new orders, the services employment index remains below the neutral level, indicating ongoing weakness in the labor market [5]. Inflation and Cost Pressures - Service providers are facing high input costs, which they struggle to pass on to consumers, leading to potential profit margin pressures [4][5]. - The ADP report suggests that wage growth has stabilized, reflecting a balance in supply and demand dynamics in the labor market [3]. Federal Reserve Outlook - The Federal Reserve's stance on interest rates remains cautious, with a 62.5% probability of a 25 basis point cut in December, influenced by ongoing economic uncertainties and employment trends [6].

Core Insights - The ADP report indicates a stronger-than-expected growth in private sector wages for October, suggesting that the labor market is not in imminent danger of collapse [1] - October saw an increase of 42,000 jobs, the largest gain since July 2025, surpassing the expected increase of 28,000 jobs [1] - The report highlights a mixed employment landscape, with certain sectors showing growth while others continue to experience job losses [4] Employment Changes by Sector - In October, the construction sector added 5,000 jobs, recovering from a loss of 5,000 jobs in September, with wage growth remaining steady at an annual rate of 4.5% [2] - The manufacturing sector saw a decrease of 3,000 jobs in October, following a loss of 2,000 jobs in September, with wage growth slightly increasing to 4.8% from 4.7% [2] - The trade, transportation, and utilities sector experienced a significant increase of 47,000 jobs in October, rebounding from a loss of 7,000 jobs in September, with wage growth stable at 4.3% [2] Financial Services and Professional Services - The financial services sector added 11,000 jobs in October, recovering from a loss of 9,000 jobs in September, with wage growth remaining at 5.2% [3] - Conversely, the professional and business services sector lost 15,000 jobs in October, following a loss of 13,000 jobs in September, with wage growth unchanged at 4.2% [4] Economic Context and Future Outlook - The ADP report is seen as a critical indicator of the U.S. labor market, especially amid ongoing government shutdowns affecting the release of official employment data [4] - Economists advise caution in interpreting the ADP data due to its reliance on private sector payrolls, which may not fully represent the national employment landscape [5] - The Federal Reserve is increasingly concerned about the labor market's weakening, with recent interest rate cuts reflecting this sentiment, although future rate cuts remain uncertain [5]

周三(11月5日)亚市盘中，现货黄金持续攀升，目前金价交投在3964美元/盎司附近，日内大涨逾32美 元。周三亚洲交易时段，由于美元暂停周二纽约时段出现的强劲买盘势头，黄金价格反弹，但并未脱离 困境，此前金价周二下跌1.80%。交易员们期待美国ADP就业数据和ISM服务业PMI报告能带来新的交 易动力。现货黄金周二收盘暴跌69.52美元，报3931.86美元/盎司。 换资前言： 市场中最可怕的不是没有行情，不是没有机会，而是茫然，乱下单，一个不知道去哪里的人，面朝哪个 方向都是逆向，任何一个方向吹来的风将都是逆风！同样不懂交易的人，不管做多做空，行情一旦波 动，就是无妄之灾！这里没有华丽的语言，只有实实在在的交易，以及明明郎朗的操作，市场只有一个 方向，不是多头也不是空头，而是做对的方向。合理的风控+好的投资回报，让每个散户找到真正投资 的乐趣，而不再是自己每天苦苦的交易却换来亏损的不断加大。我一直相信选择比努力更重要，一个好 的指导老师，一个好的技术团队除了给客户带来盈利以外，更应该对客户负责任。个人投资者，凭一己 之力面对市场，很容易出现当局者迷的情况，遇见暴涨暴跌而措手不及，而如果能够有一个人在圈外看 ...

金十数据7月30日讯，美国7月ADP就业人数增加10.4万人，增幅为3月以来最大，市场预期增加7.5万 人。 "小非农"人数高于预期 ...

Core Insights - The U.S. ADP employment report for June indicates a decrease of 33,000 jobs, marking the largest decline since March 2023 [1] Employment Data - The reduction of 33,000 jobs in June is the most significant drop recorded in the ADP employment figures since March 2023 [1]

Group 1 - The upcoming release of the non-farm payroll data and the Federal Reserve's Beige Book may influence gold prices, potentially helping them break out of their current stagnation [1]