基础设施互联互通领域，三市将以16项重点事项为抓手，加快构建以轨道交通为骨干、公路网络为基础的多层 次综合交通互联体系。具体来看，将持续推进剩余5条融城干道建设，提速7条高速公路建设进程；全力推进长 浏快线、长赣高铁建设，同步开展5个轨道项目前期工作；续建铜官铁水联运枢纽示范工程、株洲铁路综合物流 基地、黄花机场改扩建项目，新建芦淞通用机场改扩建项目，并积极争创3个空域试点，进一步织密都市圈交通 网络。 12月10日，长株潭一体化发展第七届市委书记联席会议新闻发布会在长沙举行。会上，长沙市发布第七届联席 会议2026年三市重点合作事项以及签约文本相关情况。长沙市副市长周春晖，株洲市委常委、副市长刘亚亮， 湘潭市委常委、常务副市长刘新华回答了记者提问。 2025年，长株潭三市围绕《长株潭一体化发展2025年行动计划》明确的126项重点合作事项协同发力，目前118 项任务完成年度目标，完成率达93%，8项任务持续推进，在产业、交通、民生、生态等领域构建起深度融合的 发展格局。交通融城进程持续提速，6条融城干道累计完成总投资的86.4%，虞公港一期顺利实现开港运营；生 态保护力度不断强化，绿心保护条例、规划、准入管 ...

根据薪资处理公司ADP周三发布的报告，11月私营企业就业岗位意外减少3.2万个，且小企业遭受重创，11月美国劳动力市场的放缓势头进一步加剧。 随着市场对美国就业形势的担忧日益加剧，ADP数据表明问题比预期的更严重。此次就业人数的下降与10月份形成鲜明对比，后者经上修后为增加4.7万个 岗位。 数据公布后，现货黄金小幅上涨，并重回4220美元。 损失最大的是专业和商业服务业，减少了2.6万人。其他裁员的行业包括信息服务业（减少2万人）、制造业（减少1.8万人）以及金融活动和建筑业，后两者 均减少了9000人。 薪资增长速度也有所放缓，留任员工的薪资同比上涨4.4%，较10月份下降了0.1个百分点。 大型企业（即拥有50名或以上员工的公司）实际上净增了9万名员工。然而，员工少于50人的企业减少了12万个岗位，其中拥有20至49名员工的公司减少了 7.4万个。这是自2023年3月以来的最大降幅。 教育和医疗服务业以3.3万人的新增招聘领跑，休闲和酒店业增加了1.3万人。但各行业广泛的下滑拉低了整体数据。 这份ADP报告是美联储在12月9日至10日开会前能看到的最后一份就业数据。期货交易员认为，尽管一些官员对应否进一 ...

Group 1 - The core point of the article is that the ADP private sector employment report for October shows a net increase of 42,000 jobs, marking the first positive growth since July 2025, and surpassing market expectations of 25,000 jobs, reversing the trend of job losses in August and September [1][2] - Job growth is concentrated in specific sectors, with education, healthcare, trade, transportation, and utilities being the main drivers, while professional and business services, information industries, and leisure and hospitality sectors have seen job reductions for the third consecutive month [2][3] - Wage growth remains stable overall, with median annual salaries for stayers increasing by 4.5%, while job switchers experience a more significant increase of 6.7%, indicating that labor mobility still provides a premium [3][4] Group 2 - The September ADP employment data was revised from a decrease of 32,000 jobs to a decrease of 29,000 jobs, which alleviates some market concerns about a sharp deterioration in the job market [3][4] - The ADP report has gained unusual attention due to the U.S. federal government shutdown, which has prevented the release of key official employment data, but the ADP data only covers about 26 million private sector employees, compared to the broader non-farm report [4][5] - The release date for the October non-farm employment report remains uncertain due to the ongoing government shutdown, which may lead to market volatility based on private data [5]

Employment Data - In June, the U.S. added 147,000 non-farm jobs, exceeding expectations of 106,000, with the previous month's value revised from 139,000 to 144,000[3] - The unemployment rate fell to 4.12%, better than the expected 4.3% and down from the previous 4.24%[3] - The labor force participation rate was 62.28%, slightly below the expected 62.4%[3] Wage Growth - Hourly wages increased by 0.22% month-on-month, lower than the expected 0.3%[3] - Year-on-year wage growth was 3.71%, close to the expected 3.8%[3] Market Reactions - The strong employment data led to a significant reduction in July rate cut expectations, with a 73.2% probability of a September rate cut now anticipated[5] - The 10-year U.S. Treasury yield rose by 6.89 basis points to 4.346% due to improved economic data and reduced rate cut expectations[4] Legislative Impact - The "One Big Beautiful Bill" (OBBB) was signed into law, increasing the debt ceiling by $5 trillion to $41 trillion, which is expected to add $4.1 trillion to the total deficit over the next decade[5] - The market had anticipated the implications of OBBB, suggesting a "buy the rumor, sell the news" scenario[5] Economic Outlook - The ISM Services PMI rose to 50.8, indicating expansion, while the Manufacturing PMI recorded 49, slightly above expectations[4] - The Atlanta Fed's GDPNow model predicts a 2.6% growth for Q2 2025, while the New York Fed's Nowcast model estimates 1.56% growth for the same period[4]

Core Viewpoint - The upcoming US May non-farm payroll report is anticipated to reveal significant cooling in the labor market, as indicated by a series of concerning leading indicators, particularly the disappointing ADP employment data [1][3]. Employment Data - The ADP report for May showed only 37,000 new jobs added, far below the expected 114,000, marking the lowest figure since March 2023 and the largest deviation from expectations in nearly three years [1][3]. - Job losses were noted in the goods-producing sector, with a decrease of 2,000 positions, while the service sector saw a modest increase of 36,000 jobs, primarily driven by leisure and hospitality (+38,000) and finance (+20,000) [3]. - Small businesses (fewer than 50 employees) were particularly affected, losing 13,000 jobs, reflecting the direct impact of macroeconomic policy uncertainty on these vulnerable entities [3]. Economic Indicators - Initial jobless claims rose to 247,000, exceeding expectations and reaching an eight-month high, with the four-week moving average also at its highest since November 2021, suggesting prolonged unemployment durations [4]. - The ISM non-manufacturing PMI unexpectedly fell to 49.9 in May, indicating contraction in business activity for the first time since mid-2022, attributed to policy uncertainties affecting order delays [4]. Policy Uncertainty - Current policy uncertainties, especially regarding tariffs, are seen as a core factor contributing to the unclear economic outlook, with potential cost increases looming if negotiations fail [5]. - The upcoming non-farm payroll report is crucial for understanding structural changes in employment, particularly in the goods-producing sector, small businesses, and temporary jobs [5]. Market Reactions - Market consensus for new non-farm jobs has dropped to 130,000 from a previous 177,000, with some institutions predicting as low as 125,000 [7]. - The unemployment rate is expected to remain at 4.2%, but a rise to 4.3% or higher could signal recession risks [7]. - Average hourly wage growth is projected to slightly increase to 0.3%, raising concerns about a potential wage-inflation spiral due to high labor costs and declining productivity [7]. Short-term Volatility - The release of employment data is likely to cause significant volatility in stock, bond, and currency markets, similar to the reactions following the ADP data release [8]. - Current interest rate futures reflect expectations of at least two rate cuts by the Federal Reserve this year, with increased bets on a September rate cut if unemployment rises significantly [8].

Overall Economic Activity - Economic activity in the U.S. is generally experiencing a slight to moderate decline, with half of the regions reporting a downturn, while three regions are stable and three show slight growth [2][3] - Manufacturing activity is broadly contracting, and consumer spending is mixed, with retail and dining sectors showing weakness, although some categories like automobiles are seeing increased demand due to tariff expectations [2][3] - The housing market is sluggish, with new home construction slowing down and existing home sales remaining flat, while inventory pressures are rising [2][3] Labor Market - Employment conditions are relatively stable, with most regions reporting flat employment rates, although some sectors like manufacturing and construction are seeing layoffs or hiring freezes [4] - Wage growth is moderate, with over 70% of businesses adopting a cautious approach to future hiring, and many have prepared for potential layoffs [4][11] - Job openings have unexpectedly increased, but the number of voluntary resignations has dropped significantly, indicating weakened confidence in the job market [11][12] Inflation and Pricing - Prices have been rising at a moderate pace, with tariffs exerting upward pressure on costs and prices, leading manufacturers to raise prices or reduce profits [5][6] - The real estate market remains stable, but new construction activities are either flat or slowing down due to uncertainty and high costs [6] - Service industries are facing limitations in pricing power, with some businesses delaying price adjustments to maintain demand [5][6] Regional Economic Highlights - Boston reports slight declines in consumption and housing prices, with businesses delaying hiring due to tariffs [7] - Atlanta sees growth in the energy sector, particularly LNG exports, while manufacturing is noticeably declining [8] - San Francisco's technology and financial services remain stable, but retail is shrinking, and the agricultural and real estate markets are softening [9] Policy and Economic Outlook - The intertwining of tariff disputes and interest rate cut expectations is creating a dual challenge for the U.S. economy, with markets anticipating at least two rate cuts within the year [14][15] - Recent data has led to increased speculation about the Federal Reserve's potential rate cuts, with a significant probability now assigned to cuts occurring in September or earlier [14] - The uncertainty surrounding tariffs and geopolitical risks continues to weigh on economic outlooks, with many regions maintaining a cautious stance [9][10]

Core Viewpoint - The Shanghai Municipal Government is implementing a special action plan to boost consumption by enhancing government investment in various sectors, including education, healthcare, and cultural tourism, while also supporting the issuance of REITs in eligible projects [1] Group 1: Government Support - The Shanghai government is increasing investment in projects related to education, healthcare, skills training, elderly care, and cultural tourism [1] - There is a specific focus on supporting the issuance of Real Estate Investment Trusts (REITs) for projects in the consumption, cultural tourism, and elderly care sectors [1]

Group 1 - The core viewpoint of the article emphasizes the need to strengthen investment support to stimulate consumer potential and expand consumption infrastructure and services [1] - The plan aims to create a virtuous cycle of mutual promotion between consumption and investment through effective investments in new consumption formats and models [1] - The government will utilize various funding sources, including central budget funds, local government special bonds, and ultra-long-term special treasury bonds, to support projects in education, healthcare, skills training, elderly care, and cultural tourism [1] Group 2 - The initiative includes active support for eligible projects in the cultural tourism sector to issue Real Estate Investment Trusts (REITs) in the infrastructure sector [1] - The focus is on addressing public service shortcomings through increased investment in key areas [1]

Group 1 - Beijing's Development and Reform Commission has announced the "Beijing West Action Plan" focusing on key projects for 2025, including 95 major projects such as the Shougang Ski Jump and the renovation of the Shougang Park service trade fair venue [1] - The plan emphasizes the development of "Two Parks and One River," which includes the Garden Expo Park, Shougang Park, and Yongding River, aiming for coordinated development and ecological integration [1][2] - The initiative aims to enhance the region's industrial transformation by leveraging local resources and promoting the integration of culture, commerce, and tourism [2] Group 2 - The plan includes significant infrastructure improvements, such as enhancing transportation and public services, and constructing new educational and healthcare facilities to meet community needs [3] - Environmental sustainability is a key focus, with efforts to strengthen ecological protection and improve water quality, alongside initiatives to create a garden city and promote ecological product value realization [3]