外媒：关税政策引发经济不确定性 美国劳动力市场状况恶化 广告等商务合作，请点击这里 中新网12月9日电 综合外媒报道，日前，美国自动数据处理公司(ADP)发布的最新数据显示，2025年11 月美国私营部门意外减少约3.2万个工作岗位。分析称，美国政府关税政策带来经济不确定性，劳动力 市场状况持续恶化。 本文为转载内容，授权事宜请联系原著作权人 据报道，根据ADP发布的最新数据，2025年11月美国私营部门意外减少约3.2万个工作岗位。《卫报》 报道指出，ADP的数据显示美国"劳动力市场状况恶化"。经济学家还表示，美国政府关税政策带来的经 济不确定性已导致劳动力市场"陷入瘫痪"。 此前，美国消费者新闻与商业频道(CNBC)公布的财富分配数据显示，美国收入最高的1%的人群在第二 季度，拥有家庭总财富的29%，比2000年的28%有所增长；收入最高的10%的人群，在该季度拥有家庭 总财富的67%，然而，收入最低的90%的人群仅占33%。 来源：中国新闻网 编辑：付健青 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看 ...

Core Viewpoint - The article emphasizes the importance of integrating "promoting employment, increasing income, and stabilizing expectations" as an inseparable whole, requiring a comprehensive approach to address these areas effectively [4]. Group 1: Five Combinations for a New Macroeconomic Paradigm - The first combination is between addressing cyclical shocks and maintaining long-term growth, suggesting that both short-term fluctuations and long-term trends should be analyzed together [5]. - The second combination involves integrating supply-side potential growth capabilities with demand-side driving forces, highlighting the need to consider both supply and demand factors in macroeconomic analysis [5]. - The third combination focuses on the integration of primary income distribution and redistribution, indicating that both areas require attention to reduce income disparities [5]. - The fourth combination stresses the need to combine "investment in physical assets" with "investment in human capital," recognizing the dual role of human investment in enhancing welfare and driving economic growth [6]. - The fifth combination advocates for the use of various policy tools in a coordinated manner, ensuring that different macroeconomic, social, and labor market policies work together effectively [7]. Group 2: Structural Focus on Employment - The article highlights the current structural changes in the employment landscape, noting a significant shift towards new employment forms such as gig economy and platform jobs, which now account for over 60% of urban employment [10][11]. - It discusses the "involution" of labor mobility, where the flow of labor is stagnating and becoming localized, leading to reduced productivity growth [12][13]. - The article identifies the "age duality" in employment challenges, focusing on the difficulties faced by both young job seekers and older workers, necessitating a comprehensive lifelong training system [14]. Group 3: Increasing Income - The article outlines the dual goals of increasing income: raising per capita income levels and improving income distribution structures, while acknowledging the natural deceleration of income growth [15]. - It points out the need for strong policy interventions to prevent widening income disparities, particularly in urban areas, despite improvements in rural income [16]. - The article emphasizes the potential for enhancing income redistribution through tax reforms and expanding social security systems to achieve more equitable income distribution [16]. Group 4: Stabilizing Expectations - The article asserts that stabilizing expectations hinges on institutional development, addressing uncertainties caused by technological impacts on employment and the challenges of an aging population [18]. - It suggests that while productivity growth can outpace aging population challenges, establishing a fair system for sharing productivity gains is crucial for stabilizing expectations [19].

Core Insights - The U.S. trade deficit for September decreased to $59.6 billion, better than the estimated $60.8 billion and significantly down from $78.3 billion in July [1][2] - This trade data is crucial for analysts as it completes the necessary information for the upcoming third quarter GDP report [2] Trade Data - Imports from Canada in September were at their lowest level since May 2021, indicating strained trade relations [3] - The Department of Labor will not publish missing data from the shutdown period but will make it available online [4] Upcoming Economic Indicators - The September jobs report is expected to be released soon, along with jobless claims from the previous week [3][5] - The third quarter GDP report will be released next week, with a second version expected due to surpassing initial estimates [5][6] - Future reports include November income and spending data scheduled for December 19th, while the status of October's jobs, CPI, and PBI remains uncertain [6]

近日，英国《卫报》网站刊发文章指出，当下的美国经济正呈现一种奇怪的态势：物价上涨，就业增长停滞，不 确定性无处不在，而股市却飙升至历史新高。 这让"滞胀"这个美国人记忆当中的可怕词汇再度被提及。 英国《卫报》网站截图 "滞胀"是指经济增长"停滞"与物价"通胀"并存。这意味着企业正在减少生产和招聘，但价格却持续攀升。 一些经济学家认为，经济"滞胀"可能比"衰退"更糟。美国上一次经历长期滞胀是在20世纪70年代的石油危机期 间。当时油价上涨导致通胀上升，消费者削减支出又使得失业率上升。目前，美国经济虽未出现滞胀，但正逐渐 接近。 英国《卫报》网站截图 美国劳动力市场走软 通胀率走高 文章分析，今年春季特朗普宣布加征关税后，官方数据最初显示美国经济未受明显影响，新增就业岗位稳定增 加，通胀率降至2021年以来的最低水平。 与此同时，美国通胀率自4月开始回升，8月达到2.9%，为今年1月份以来的最高涨幅。 英国《卫报》网站截图 在哥伦比亚商学院经济学家布雷特·豪斯看来，今年1月，市场对未来一年经济衰退的预期处于3年来的最低水平， 同时预计通胀率将持续下降。但随后白宫经济政策的变化颠覆了这两种预期，市场对今年经济增长的 ...

Core Insights - The unemployment rate in the Eurozone for July decreased to 6.2%, down by 0.1% from June, while the EU's unemployment rate also fell to 5.9%, a decrease of 0.1% from the previous month [1] - Year-on-year comparisons show a decline in unemployment rates, with the Eurozone down by 0.2% and the EU down by 0.1% [1] - The estimated number of unemployed individuals in the EU is slightly over 13 million, with approximately 10.8 million in the Eurozone [1] Youth Unemployment - The unemployment rate for individuals under 25 in the Eurozone and EU decreased by 0.4% in July, reaching 13.9% and 14.4% respectively [1] - The estimated number of unemployed youth in the EU is around 2.8 million, while in the Eurozone, it is approximately 2.23 million [1] Croatia's Unemployment Statistics - Croatia's unemployment rate in July was reported at 4.6%, with 81,000 unemployed individuals [1] - The youth unemployment rate in Croatia for the second quarter was 16.9%, with 20,000 unemployed youth, which decreased to an estimated 15.9% by the end of July, equating to 19,000 unemployed youth [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - This week, domestic commodities continued a slight rebound, with both industrial and agricultural products extending their upward trends. The main reasons were the economic resilience of China and the US, a mitigation of geopolitical risks, and a weakening US dollar, which improved market risk appetite and led to the commodity market rebound [3]. - The US labor market showed some resilience in June, but due to a high proportion of government employment and potential future downward revisions, continued monitoring is needed. The Fed may increase the flexibility of interest - rate cuts, and there is a possibility of a rate cut in September [3]. - The "Big and Beautiful" tax and spending bill passed by the US Congress is expected to boost the GDP by an average of 1.0% over ten years (2025 - 2034) and increase long - term GDP by 1.2%. However, it may widen the wealth gap and raise concerns about US fiscal sustainability [3]. - The US is in the final stage of trade negotiations, and Trump has signed tariff letters for 12 countries with tariff rates ranging from 10% to 70%, set to take effect on August 1 [3]. - China's official manufacturing PMI in June was 49.7, up 0.2 percentage points from the previous value, indicating an overall improvement in the domestic economy. However, the manufacturing sector has not emerged from contraction, and small enterprises and emerging industries face significant pressure. There are still concerns about the domestic economic development, and new incremental policies may be introduced in the second half of the year [3]. - In the short term, uncertainty in the commodity market has increased, and market volatility may intensify. Although there are positive factors such as economic resilience and geopolitical easing, the approaching end of the US tariff suspension period and slow negotiation progress may cause market disruptions [3]. 3. Summary by Relevant Sections PART TWO: Overseas Situation Analysis - **US Labor Market**: In June, the US added 147,000 non - farm jobs, higher than the expected 106,000, and the unemployment rate was 4.1%, lower than the expected 4.3% and the previous value of 4.2%. However, due to a high proportion of government employment and potential future downward revisions, continued monitoring is required. The Fed may increase the flexibility of interest - rate cuts, and a rate cut in September is possible [3]. - **US Tax Bill**: The "Big and Beautiful" tax and spending bill passed by the US Congress is expected to boost the GDP by an average of 1.0% over ten years (2025 - 2034) and increase long - term GDP by 1.2%. But it may widen the wealth gap and raise concerns about US fiscal sustainability [3]. - **US Trade Negotiations**: The US is in the final stage of trade negotiations. Trump has signed tariff letters for 12 countries with tariff rates ranging from 10% to 70%, set to take effect on August 1 [3]. PART THREE: Domestic Situation Analysis - **China's PMI**: China's official manufacturing PMI in June was 49.7, up 0.2 percentage points from the previous value, indicating an overall improvement in the domestic economy. However, the manufacturing sector has not emerged from contraction, and small enterprises and emerging industries face significant pressure. The Strategic Emerging Industries PMI (EPMI) decreased by 3.1 percentage points to 47.9%, a new low for the year [3][21]. - **Domestic Economic Concerns**: There are still concerns about the domestic economic development. Externally, the end of the US tariff suspension period is approaching, and the progress of trade negotiations is slow. Domestically, the real estate market has seen a decline in both volume and price, and emerging industries face pressure. New incremental policies may be introduced in the second half of the year [3]. PART FOUR: High - Frequency Data Tracking - **Industrial Data**: On July 4, the operating rates of PTA plants, polyester plants, and POY were 76%, 89%, and 64% respectively [32]. - **Automobile Sales Data**: The data shows the trends of factory wholesale and retail sales and their year - on - year changes [35]. - **Agricultural Product Prices**: The data presents the average wholesale prices of various agricultural products such as vegetables, pork, fruits, and the Agricultural Product Wholesale Price 200 Index [40].

Group 1 - Initial jobless claims in the U.S. reached 248,000 for the week ending June 7, marking the highest level since October 5, 2024, and exceeding the expected 240,000 [2] - Continuing jobless claims have risen to the highest level since the end of 2021, indicating that it is taking longer for unemployed individuals to find new jobs, which suggests a cooling labor market [2] - Following the release of these data, the U.S. dollar index fell to its lowest level in over three years, while spot gold prices surged to $3,390 per ounce [2] Group 2 - In May, non-farm payrolls increased by 139,000, lower than the 193,000 added in the same month last year, indicating a gradual loss of momentum in the labor market [4] - The May Producer Price Index (PPI) showed a month-on-month increase of 0.1%, below the expected 0.2%, while the year-on-year PPI was recorded at 2.6%, matching expectations [5] - Core PPI for May also showed a month-on-month increase of 0.1%, below the expected 0.3%, and a year-on-year increase of 3%, slightly below the expected 3.1% [5] Group 3 - Analysts are particularly focused on the PPI report as it includes components used to calculate the Federal Reserve's preferred inflation measure (PCE data) [6] - Areas of weakness in May included declines in airfare prices, investment management fees, and moderate healthcare costs [6]

Economic Overview - Canada is on the brink of a technical recession, with a projected annualized economic contraction of 1% in Q2, followed by a further decline of 0.1% in Q3 [1][3] - The economic downturn is attributed to escalating trade tensions with the U.S., leading to a sharp decline in exports, rising unemployment, shrinking household consumption, and a cooling real estate market [1][3] Trade Tensions - The intensification of trade tensions is a primary catalyst for Canada's economic issues, with the U.S. imposing tariffs and adopting a protectionist stance since the Trump administration [3][4] - Canadian exports have plummeted by 7.4% due to U.S. importers depleting inventories earlier in the year, although some analysts anticipate a slight recovery in exports [3][4] Labor Market and Consumption - Unemployment is expected to rise to 7.2% in the latter half of the year, a level not seen in recent years, indicating deepening economic decline [3][4] - The tightening labor market is negatively impacting consumer confidence, leading to cautious spending behavior, which is crucial as consumer spending constitutes a significant portion of the economy [3][4] Real Estate Market - The Canadian real estate market is experiencing a downturn, with both housing prices and transaction volumes declining, and a further reduction in housing starts is anticipated [3][4] Inflation and Monetary Policy - Inflation is currently above the Bank of Canada's target of 2%, with expected inflation rates of 2.1% and 2.2% for Q3 and Q4 respectively, complicating monetary policy decisions [4][6] - The Bank of Canada faces challenges in balancing growth and inflation control amid uncertainties stemming from trade tensions [4][6] Geopolitical Context - Canadian Prime Minister Carney warns of a shift in U.S.-Canada relations, indicating a move away from deep economic integration towards a more complex relationship [6][10] - The changing U.S. stance from a pro-free trade position to one of protectionism poses significant challenges for Canada, which has historically relied on U.S. exports [6][10] Structural Adjustments - Canada must address internal factors contributing to its economic challenges, such as global economic slowdown, technological changes, and an aging population, while also adapting to external trade pressures [7][9] - The government and businesses need to diversify export markets and enhance self-sufficiency in supply chains to reduce reliance on the U.S. [9][10] Future Outlook - The current economic downturn may signal the beginning of a longer-term challenge, necessitating a reevaluation of Canada's economic model and strategies for sustainable growth [10] - The ability to navigate trade tensions and reshape economic development will be crucial for Canada to secure a favorable position in the evolving global economic landscape [10]