美国经济- 增长加快 + 失业率下降意味着美联储降息会推迟-US Economics-Faster growth and a lower unemployment rate mean Fed cuts come later

Exhibit 1: Private employment growth remains tepid at 29k (3mma), but the unemployment rate fell to 4.4% in December and November was revised lower to 4.5%. Total private employment 3m avg chg Change in nonfarm payrolls (thous) Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 250 200 150 100 50 0 -50 January 9, 2026 06:18 PM GMT US Economics Weekly | North America Faster growth and a lower unemployment rate mean Fed cuts come later We now think additional rate cuts from the Fed will come only when it becomes clear ...