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美国ADP 就业数据再传疲软信号
2025-06-09 01:42
Summary of the Conference Call Notes Industry or Company Involved - The conference call primarily discusses the employment data from the ADP (Automatic Data Processing) and BLS (Bureau of Labor Statistics) reports in the context of the U.S. job market. Core Points and Arguments 1. **ADP Employment Report**: The ADP report indicated a modest increase of only 37,000 in private sector payrolls for May, continuing a trend of weaker job growth, with gains below 100,000 in three of the last four months [1][2][3] 2. **BLS vs. ADP Discrepancy**: The BLS report showed a stronger three-month average of 148,000 compared to the ADP's lower figures, suggesting a significant discrepancy between the two reports [1][2] 3. **Historical Context**: The average absolute miss between the first prints of ADP and BLS over the last 12 months has been 73,000, indicating that a 70,000 miss over three months would be substantial and could imply downward revisions to earlier months [2] 4. **Jobless Claims and Job Availability**: Continuing jobless claims are rising, and job availability is nearing cycle lows, which may signal a slowdown in job gains, particularly influenced by immigration trends [2][3] 5. **Sector Performance**: The slowdown in employment gains was noted across various sectors, including goods-producing industries and professional services, with both small and large businesses experiencing declines [3] Other Important but Possibly Overlooked Content 1. **Immigration Impact**: The report suggests that the decline in border encounters since late January may be contributing to a slowdown in job gains, although this effect has not yet been fully reflected in the BLS data [2] 2. **Employment Growth Estimates**: The report includes a table of month-over-month private nonfarm employment growth estimates, showing variations between ADP and BLS figures for several months, highlighting the ongoing volatility in employment data [7] 3. **Industry Breakdown**: The ADP report provides a detailed breakdown of employment changes by industry and business size, indicating specific sectors that are underperforming [8] This summary encapsulates the key insights from the conference call regarding the current state of the U.S. job market as reflected in the ADP and BLS reports, highlighting discrepancies, sector performance, and broader economic implications.