<ul>
<li>美國三大股指均下跌超過 1%</li>
</ul>
<ul>
<li>金融板塊領跌標普 500，能源板塊唯一上漲</li>
</ul>
<ul>
<li>歐洲股市下跌約 1.4%</li>
</ul>
<ul>
<li>美國油價飆升近 10%；黃金上漲超過 1%；美元走強；比特幣下跌近 4%</li>
</ul>
<ul>
<li>美國 10 年期國債收益率上升至 4.15% 歡迎來到路透社記者為您帶來的實時市場報道。您可以與我們分享您的想法</li>
</ul>
<h3>數據利空：就業人數驟降，失業率上升，零售銷售疲軟</h3>
<p>希望從戰爭焦慮中獲得一些緩解的投資者在週五的經濟數據中沒有找到安慰。2 月份的就業報告帶來了系列令人失望的意外，強烈證明了那些警告勞動力市場正在放緩的人的觀點。</p>
<p>事實上，這份報告幾乎沒有跡象表明就業形勢會朝着其他方向發展。</p>
<p>美國經濟在 2 月份意外失去 92,000 個就業崗位（USNFAR=ECI），扭轉了 1 月份修正後的 126,000 個新增崗位，並且與預期的 59,000 個新增崗位相悖。</p>
<p>在勞工部對 2025 年數據進行大幅下調後，這份報告標誌着美國經濟在過去 12 個月中第五次出現失業。過去一年中，整體數字有十次低於預期。</p>
<p>“勞動力市場正在停滯不前，” LPL Financial 首席經濟學家傑弗裏·羅奇（Jeffrey Roach）寫道。“展望未來，我們應該預期失業率會上升。”</p>
<p>“我不認為美聯儲會在 6 月之前採取行動，但如果勞動力市場惡化速度超出預期，官員們可能會在 4 月 29 日降息，” 羅奇補充道。</p>
<p>深入分析，服務業的失業人數佔私營部門就業人數下降 86,000 的約 71%。商品生產、建築和製造業均裁員。</p>
<p>該報告還首次讓市場看到 2 月份的通脹情況，顯示平均時薪環比上漲 0.4%，與 1 月份持平，且高於經濟學家預測的 0.3% 的增長。</p>
<p>同比來看，工資增長了 3.8%，比經濟學家預測的高出 0.1 個百分點，且高於上個月 3.7% 的年增長率。</p>
<p>勞動力市場放緩與通脹上升的結合，對美國聯邦儲備委員會構成了困境，後者在本月晚些時候的政策會議結束時仍被廣泛認為會維持當前的利率水平。</p>
<p>“疲弱的就業數據和高漲的工資增長指向滯漲，” 斯巴達資本證券首席市場經濟學家彼得·卡迪洛（Peter Cardillo）告訴路透社。“如果這不是異常現象，並且持續一個月或兩個月，那麼降息……現在又回到了雷達上。”</p>
<p>失業率（USUNR=ECI）也出乎意料地上升至 4.4%，儘管勞動力參與率降至 62.0%，為 2021 年 12 月以來的最低水平。</p>
<p>這尤其令人擔憂。當人們離開勞動力市場時，他們不再被視為失業，失業率往往會逐漸降低。但這次並非如此。</p>
<p>平均失業持續時間從 1 月份的 22.4 周延長至 25.3 周。這表明工人找到新工作的時間變長（這一觀點得到了本週持續失業救濟申請數據上升的支持），這在很大程度上解釋了勞動力市場信心的下降。</p>
<p>“失業超過 27 周的人數增加了 86,000，反映出持續的 ‘低招聘，低裁員’ 的就業市場，” Thrivent 首席投資顧問大衞·羅亞爾（David Royal）表示。“失業者以及任何新進入勞動力市場的人，往往都在努力尋找工作。”</p>
<p>轉向其他方面，美國零售商（USRSL=ECI）的銷售額在 1 月份下降了 0.2%，略低於-0.3% 的預期，並且較 12 月份的持平數據有所惡化。</p>
<p>深入分析商務部的零售銷售報告，發現不景氣的百貨商店銷售額下降了 6.0%，而非店鋪零售（包括在線購物）則增長了 1.9%。加油站的支出下降了 2.9%。實際上，剔除汽油零售後，年初幾個月的銷售額實際上增長了 0.1%。汽車/零部件銷售下降了 0.9%，而食品/飲料場所的支出（通常被視為消費者信心的晴雨表）下降了 0.2%。</p>
<p>但在當天唯一的微弱亮點中，排除汽車、汽油、建築材料和食品服務的 “控制” 數據——與 GDP 的個人支出部分最為相關——上漲了 0.3%，名義上好於經濟學家預測的 0.2% 的增幅。</p>
<p>汽油銷售額的下降 “完全是由於本月油價的類似幅度下降，而在中東持續衝突的背景下，這一情況已經迅速逆轉，” Pantheon Macroeconomics 的高級美國經濟學家奧利弗·艾倫（Oliver Allen）寫道，他補充説控制數據 “對消費者健康提供了一些安慰，但核心銷售的潛在趨勢似乎仍在逐漸放緩。”</p>
<p>（斯蒂芬·卡爾普）</p>
<p>關於週五其他實時市場的帖子：在就業數據發佈後華爾街再次出現大幅下跌 點擊此處 標普 500 E-MINI 下跌超過 1%，就業數據加劇了本週的擔憂 點擊此處 就業人數來了，記得他們嗎？ 點擊此處 STOXX 下滑，正朝着自 2025 年 4 月以來最大周跌幅邁進 點擊此處 債市走勢過於激進，NATIXIS 表示 點擊此處 零售持續購買大型科技股 點擊此處 STOXX 下滑，正朝着自 2025 年 4 月以來最大周跌幅邁進 點擊此處 歐洲開盤前：期貨上漲 點擊此處 中東動盪使市場陷入混亂 點擊此處</p>
<p>早盤交易快照</p>
<p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/znvnmblqrpl/Pasted%20image%201772810615428.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="705" height="634" original-src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/znvnmblqrpl/Pasted%20image%201772810615428.png"/></p>
<p>非農就業人數</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/klvylgqlqpg/nfpr.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="601" height="499" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/klvylgqlqpg/nfpr.png"/></p>
<p>通脹指標</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/egvbeyjeopq/inflation.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="648" height="525" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/egvbeyjeopq/inflation.png"/></p>
<p>勞動市場參與率和失業率</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/lbpgygjyopq/participation.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="599" height="376" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/lbpgygjyopq/participation.png"/></p>
<p>失業持續時間和就業信心</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/akpeyqeyzpr/UEduration.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="649" height="400" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/akpeyqeyzpr/UEduration.png"/></p>
<p>零售銷售和零售股票</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/zgvolbalwpd/retailsales.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="601" height="400" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/zgvolbalwpd/retailsales.png"/></p>

標普 500 ETF - Vanguard

標普零售指數 ETF - SPDR

博時標普500ETF

<ul>
<li>All three major U.S. stock indexes down &gt;1%</li>
</ul>
<div class="lb-trans"><ul>
<li>美國三大股指均下跌超過 1%</li>
</ul>
</div><ul>
<li>Financials lead S&amp;P 500 sector decliners; energy only gainer</li>
</ul>
<div class="lb-trans"><ul>
<li>金融板塊領跌標普 500，能源板塊唯一上漲</li>
</ul>
</div><ul>
<li>European shares down ~1.4%</li>
</ul>
<div class="lb-trans"><ul>
<li>歐洲股市下跌約 1.4%</li>
</ul>
</div><ul>
<li>US oil surges more nearly 10%; gold up &gt;1%; dollar gains; bitcoin down almost 4%</li>
</ul>
<div class="lb-trans"><ul>
<li>美國油價飆升近 10%；黃金上漲超過 1%；美元走強；比特幣下跌近 4%</li>
</ul>
</div><ul>
<li>US 10-yr Treasury yield up at 4.15% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at</li>
</ul>
<div class="lb-trans"><ul>
<li>美國 10 年期國債收益率上升至 4.15% 歡迎來到路透社記者為您帶來的實時市場報道。您可以與我們分享您的想法</li>
</ul>
</div><h3>DATA DOWNER: PAYROLLS PLUNGE, UNEMPLOYMENT RISES, RETAIL SALES SOFTEN</h3>
<div class="lb-trans"><h3>數據利空：就業人數驟降，失業率上升，零售銷售疲軟</h3>
</div><p>Investors hoping for some relief from the anxieties of war found no comfort in Friday’s disappointing economic data. The February employment report delivered a string of downside surprises, offering stark vindication of those who warned that the labor market is softening.</p>
<div class="lb-trans"><p>希望從戰爭焦慮中獲得一些緩解的投資者在週五的經濟數據中沒有找到安慰。2 月份的就業報告帶來了系列令人失望的意外，強烈證明了那些警告勞動力市場正在放緩的人的觀點。</p>
</div><p>In fact, there are virtually no signs in this report that the employment picture is headed anywhere but south.</p>
<div class="lb-trans"><p>事實上，這份報告幾乎沒有跡象表明就業形勢會朝着其他方向發展。</p>
</div><p>The U.S. economy unexpectedly lost 92,000 jobs in February (USNFAR=ECI) , reversing much of January’s downwardly revised 126,000 job adds, and defying expectations for a 59,000 payrolls increase.</p>
<div class="lb-trans"><p>美國經濟在 2 月份意外失去 92,000 個就業崗位（USNFAR=ECI），扭轉了 1 月份修正後的 126,000 個新增崗位，並且與預期的 59,000 個新增崗位相悖。</p>
</div><p>Following the Labor Department’s sharp downward revisions to 2025 data, this report marks the fifth month of the last twelve in which the U.S. economy shed jobs. Over the last year, the topline number has landed below expectations ten out of twelve times.</p>
<div class="lb-trans"><p>在勞工部對 2025 年數據進行大幅下調後，這份報告標誌着美國經濟在過去 12 個月中第五次出現失業。過去一年中，整體數字有十次低於預期。</p>
</div><p>“The labor market is coming to a standstill,” writes Jeffrey Roach, chief economist at LPL Financial. “Looking ahead, we should expect the unemployment rate to rise.”</p>
<div class="lb-trans"><p>“勞動力市場正在停滯不前，” LPL Financial 首席經濟學家傑弗裏·羅奇（Jeffrey Roach）寫道。“展望未來，我們應該預期失業率會上升。”</p>
</div><p>“I don’t expect the Fed to act sooner than June, but if the labor market deteriorates faster than expected, officials could cut rates on April 29,” Roach adds.</p>
<div class="lb-trans"><p>“我不認為美聯儲會在 6 月之前採取行動，但如果勞動力市場惡化速度超出預期，官員們可能會在 4 月 29 日降息，” 羅奇補充道。</p>
</div><p>Drilling below the surface, job losses in the services sector were responsible for about 71% of the 86,000 drop in private sector payrolls. Goods producers, construction, and manufacturing sectors all shed workers.</p>
<div class="lb-trans"><p>深入分析，服務業的失業人數佔私營部門就業人數下降 86,000 的約 71%。商品生產、建築和製造業均裁員。</p>
</div><p>The report also gave markets their first glimpse at February inflation, showing average hourly wages rose by 0.4% on a monthly basis, a repeat of the January print and hotter than the 0.3% growth economists predicted.</p>
<div class="lb-trans"><p>該報告還首次讓市場看到 2 月份的通脹情況，顯示平均時薪環比上漲 0.4%，與 1 月份持平，且高於經濟學家預測的 0.3% 的增長。</p>
</div><p>Year-over-year, wages increased 3.8%, or 0.1 percentage point warmer than economists’ forecasts and increase over the prior month’s 3.7% annual wage growth figure.</p>
<div class="lb-trans"><p>同比來看，工資增長了 3.8%，比經濟學家預測的高出 0.1 個百分點，且高於上個月 3.7% 的年增長率。</p>
</div><p>The combination of a softening labor market and rising inflation, poses a quandary to the U.S. Federal Reserve, which is still largely seen leaving interest rates where they currently stand at the conclusion of its next policy meeting, scheduled later this month.</p>
<div class="lb-trans"><p>勞動力市場放緩與通脹上升的結合，對美國聯邦儲備委員會構成了困境，後者在本月晚些時候的政策會議結束時仍被廣泛認為會維持當前的利率水平。</p>
</div><p>“The weak payrolls number and hot wage growth points to stagflation,” Peter Cardillo, chief market economist at Spartan Capital Securities tells Reuters. “If it’s not an aberration and it continues for another month or two, then a rate cut … is now back on the radar.”</p>
<div class="lb-trans"><p>“疲弱的就業數據和高漲的工資增長指向滯漲，” 斯巴達資本證券首席市場經濟學家彼得·卡迪洛（Peter Cardillo）告訴路透社。“如果這不是異常現象，並且持續一個月或兩個月，那麼降息……現在又回到了雷達上。”</p>
</div><p>The jobless rate (USUNR=ECI) also defied expectations by edging up to 4.4%, even as the labor market participation dipped to 62.0%, the lowest reading since December 2021.</p>
<div class="lb-trans"><p>失業率（USUNR=ECI）也出乎意料地上升至 4.4%，儘管勞動力參與率降至 62.0%，為 2021 年 12 月以來的最低水平。</p>
</div><p>That’s particularly worrisome. When folks leave the workforce they are no longer considered jobless, and the unemployment rate tends to creep lower. Not this time.</p>
<div class="lb-trans"><p>這尤其令人擔憂。當人們離開勞動力市場時，他們不再被視為失業，失業率往往會逐漸降低。但這次並非如此。</p>
</div><p>The average unemployment duration lengthened to 25.3 weeks from 22.4 weeks in January. This suggests it’s taking workers longer to find new gigs (a notion supported by this week’s rising continuing jobless claims data), which goes a long way toward explaining souring labor market confidence.</p>
<div class="lb-trans"><p>平均失業持續時間從 1 月份的 22.4 周延長至 25.3 周。這表明工人找到新工作的時間變長（這一觀點得到了本週持續失業救濟申請數據上升的支持），這在很大程度上解釋了勞動力市場信心的下降。</p>
</div><p>“The number of people out of work for more than 27 weeks increased by 86,000, reflecting the continued ‘low hire, low fire’ job market,” says David Royal, chief investment advisor at Thrivent. “Those out of work, as well as any new entrants to the labor force, are often struggling to find jobs.”</p>
<div class="lb-trans"><p>“失業超過 27 周的人數增加了 86,000，反映出持續的 ‘低招聘，低裁員’ 的就業市場，” Thrivent 首席投資顧問大衞·羅亞爾（David Royal）表示。“失業者以及任何新進入勞動力市場的人，往往都在努力尋找工作。”</p>
</div><p>Shifting gears, receipts at U.S. retailers (USRSL=ECI) slipped by 0.2% in January, not quite as steep as the -0.3% consensus and a deterioration from December’s unchanged reading.</p>
<div class="lb-trans"><p>轉向其他方面，美國零售商（USRSL=ECI）的銷售額在 1 月份下降了 0.2%，略低於-0.3% 的預期，並且較 12 月份的持平數據有所惡化。</p>
</div><p>Looking under the hood of the Commerce Department’s retail sales report, a 6.0% drop in spending in the woebegone department store segment was mitigated by a 1.9% increase in non-store retail (which includes online shopping). Dollars spent at the gasoline pump decreased by 2.9%. In fact, stripping away gasoline retail sales actually increased by 0.1% in the first few months of the year. Autos/parts dropped 0.9%, while outlays at food/drink establishments, often viewed as a barometer of consumer sentiment, slipped 0.2%.</p>
<div class="lb-trans"><p>深入分析商務部的零售銷售報告，發現不景氣的百貨商店銷售額下降了 6.0%，而非店鋪零售（包括在線購物）則增長了 1.9%。加油站的支出下降了 2.9%。實際上，剔除汽油零售後，年初幾個月的銷售額實際上增長了 0.1%。汽車/零部件銷售下降了 0.9%，而食品/飲料場所的支出（通常被視為消費者信心的晴雨表）下降了 0.2%。</p>
</div><p>But in the day’s one faintly bright spot, the “control” figure, which excludes autos, gasoline, building supplies and food services - and is most closely correlated with the personal expenditures element of GDP - rose by 0.3%, nominally better than the 0.2% increase economists predicted.</p>
<div class="lb-trans"><p>但在當天唯一的微弱亮點中，排除汽車、汽油、建築材料和食品服務的 “控制” 數據——與 GDP 的個人支出部分最為相關——上漲了 0.3%，名義上好於經濟學家預測的 0.2% 的增幅。</p>
</div><p>The drop in gasoline receipts was “entirely due to a similar-sized decline in gas prices on the month, which has since unwound sharply amid the ongoing conflict in the Middle East,” writes Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, who adds that the control figure “provides some reassurance about the health of consumers, but the underlying trend in core sales still seems to be slowing gradually.”</p>
<div class="lb-trans"><p>汽油銷售額的下降 “完全是由於本月油價的類似幅度下降，而在中東持續衝突的背景下，這一情況已經迅速逆轉，” Pantheon Macroeconomics 的高級美國經濟學家奧利弗·艾倫（Oliver Allen）寫道，他補充説控制數據 “對消費者健康提供了一些安慰，但核心銷售的潛在趨勢似乎仍在逐漸放緩。”</p>
</div><p>(Stephen Culp)</p>
<div class="lb-trans"><p>（斯蒂芬·卡爾普）</p>
</div><p>FOR FRIDAY’S OTHER LIVE MARKETS POSTS: MORE SHARP DECLINES ON WALL STREET AFTER JOBS DATA CLICK HERE S&amp;P 500 E-MINIS DOWN MORE THAN 1% AS JOBS DATA ADDS TO WEEK’S WORRIES CLICK HERE HERE COME PAYROLLS, REMEMBER THEM? CLICK HERE STOXX SLIPS, ON TRACK FOR BIGGEST WEEKLY FALL SINCE APRIL 2025 CLICK HERE BOND MARKET MOVES GONE TOO FAR SAYS NATIXIS CLICK HERE RETAIL KEEPS BUYING BIG TECH CLICK HERE STOXX SLIPS, ON TRACK FOR BIGGEST WEEKLY FALL SINCE APRIL 2025 CLICK HERE EUROPE BEFORE THE BELL: FUTURES RISE CLICK HERE MIDDLE EAST TUMULT LEAVES MARKETS IN DISARRAY CLICK HERE</p>
<div class="lb-trans"><p>關於週五其他實時市場的帖子：在就業數據發佈後華爾街再次出現大幅下跌 點擊此處 標普 500 E-MINI 下跌超過 1%，就業數據加劇了本週的擔憂 點擊此處 就業人數來了，記得他們嗎？ 點擊此處 STOXX 下滑，正朝着自 2025 年 4 月以來最大周跌幅邁進 點擊此處 債市走勢過於激進，NATIXIS 表示 點擊此處 零售持續購買大型科技股 點擊此處 STOXX 下滑，正朝着自 2025 年 4 月以來最大周跌幅邁進 點擊此處 歐洲開盤前：期貨上漲 點擊此處 中東動盪使市場陷入混亂 點擊此處</p>
</div><p>Early trading snapshot</p>
<div class="lb-trans"><p>早盤交易快照</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/znvnmblqrpl/Pasted%20image%201772810615428.png" alt="" original-src="https://fingfx.thomsonreuters.com/gfx/mkt/znvnmblqrpl/Pasted%20image%201772810615428.png"/></p>
<p>Nonfarm payrolls</p>
<div class="lb-trans"><p>非農就業人數</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/klvylgqlqpg/nfpr.png" alt="" original-src="https://www.reuters.com/graphics/USA-STOCKS/klvylgqlqpg/nfpr.png"/></p>
<p>Inflation gauges</p>
<div class="lb-trans"><p>通脹指標</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/egvbeyjeopq/inflation.png" alt="" original-src="https://www.reuters.com/graphics/USA-STOCKS/egvbeyjeopq/inflation.png"/></p>
<p>Labor market participation and jobless rates</p>
<div class="lb-trans"><p>勞動市場參與率和失業率</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/lbpgygjyopq/participation.png" alt="" original-src="https://www.reuters.com/graphics/USA-STOCKS/lbpgygjyopq/participation.png"/></p>
<p>Unemployment duration and jobs confidence</p>
<div class="lb-trans"><p>失業持續時間和就業信心</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/akpeyqeyzpr/UEduration.png" alt="" original-src="https://www.reuters.com/graphics/USA-STOCKS/akpeyqeyzpr/UEduration.png"/></p>
<p>Retail sales and retail stocks</p>
<div class="lb-trans"><p>零售銷售和零售股票</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/zgvolbalwpd/retailsales.png" alt="" original-src="https://www.reuters.com/graphics/USA-STOCKS/zgvolbalwpd/retailsales.png"/></p>

LIVE MARKETS-Data downer: Payrolls plunge, unemployment rises, retail sales soften

- 美股三大指數下跌超過 1%。  
- 2 月份美國失業率上升至 4.4%，非農就業減少 92,000 個。  
- 零售銷售小幅滑落，消費者支出放緩。

Reuters

金融指數 MSCI ETF - Fidelity

3 倍做多納指 ETF - ProShares

納斯達克 100 指數 ETF - Invesco

零售業 ETF - VanEck Vectors

納指 100 ETF - Invesco

金融業 ETF - Vanguard

券商ETF

線上零售 ETF - Amplify

金融業 ETF - SPDR

電子商務 ETF - GlobalX

標普 500 ETF - iShares

納斯達克綜合指數 ETF - Fidelity

道瓊斯美股 ETF - iShares

在線零售 ETF - ProShares

華寶中證全指證券公司ETF

3 倍做空納指 ETF - ProShares

標普 500 指數股票型基金

實時市場 - 數據令人失望：就業人數大幅下降，失業率上升，零售銷售表現疲軟