Group 1: Employment Data - In May, the U.S. non-farm payrolls increased by 139,000, slightly above the market expectation of 126,000, but the previous two months' data were revised down by a total of 95,000, negating the apparent positive performance [1] - The unemployment rate remained stable at 4.2%, matching both expectations and the previous value [2] - Average hourly earnings increased by 0.4% month-over-month, exceeding the expected 0.3%, indicating ongoing wage inflation pressure [3] Group 2: Sector Performance - Manufacturing jobs decreased by 8,000, marking the largest decline this year, while transportation and warehousing saw only slight job growth after two months of decline [3] - The service sector showed resilience, with job growth driven by healthcare, social assistance, and leisure and hospitality industries [4] Group 3: Labor Participation and Economic Impact - The labor force participation rate fell to a three-month low of 62.4%, with a decline in the core working age group (25-54 years) [5] - Federal government layoffs reached 22,000 in May, the highest since 2020, reflecting the initial impact of spending cuts by the Trump administration [3] - Economists warned that as federal spending cuts affect contractors and institutions reliant on public funding, at least 500,000 U.S. jobs could be at risk [3] Group 4: Market Reactions - Following the employment data release, traders reduced bets on two interest rate cuts by the Federal Reserve within the year [3] - The U.S. dollar index rose approximately 10 points, while U.S. stock futures, particularly the Nasdaq 100 index futures, increased by 0.8% [9][10]

Group 1 - U.S. labor productivity has declined for the first time since 2022, with a 0.8% annualized decrease in Q1, surpassing economists' expectations of a 0.7% decline [1] - Unit labor costs surged by 5.7% in Q1, marking the largest increase in a year, exceeding the anticipated 5.1% rise [1] - The Federal Reserve is closely monitoring these productivity figures, as improvements in productivity are crucial for controlling wage inflation [1] Group 2 - The decline in productivity is primarily attributed to a 0.3% decrease in business output, which was also reflected in the Q1 GDP data showing an annualized initial value of -0.3% [2] - Labor costs have increased by 1.3% year-over-year, with hourly wages rising to 4.8%, a 2.7% increase compared to the previous year [3] - Despite overall negative data, the manufacturing sector showed strong performance, with productivity increasing by 4.5% in Q1, the highest in nearly four years [3]

金十数据5月8日讯，美世咨询欧洲经济和动态资产配置主管Julius Bendikas表示，英国央行货币政策委 员会面临着一个棘手的平衡问题，即通胀和工资水平仍居高不下。全球贸易问题可能会给经济增长和通 胀带来下行压力。我们预计，随着物价和工资通胀进一步放缓，英国央行将继续降息，到2026年将降息 至3.5%或更低。 分析师：待物价和工资通胀进一步放缓，英国央行将继续降息 ...