非农缺席下的就业迷雾：ADP数据强势反弹，小摩警示续请失业金暗藏隐忧

智通财经网2025-11-10

智通财经APP获悉，2025年11月的第一个星期五，美国劳工统计局因政府停摆再次缺席“非农日”。没有官方就业报告，小摩整理了来自其他就业数据的信号，总体来看，自9月以来变化不大。截至8月，私营部门就业人数的三个月平均增长为2.9万人，失业率为4.32%。小摩认为目前的情况大致仍接近这一水平，不包括因政府雇员被临时休假而带来的失业率短期上升。最突出的数据是ADP的私营部门就业估算。10月份...

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