(可编辑报告)美国经济金融数据分析报告：美股.pptx

证券研究报告发布时间：2023.03.02美股走到哪儿了——美国近期经济金融数据一览

第一部分：美国经济和企业盈利2

1.1、通胀：同比缓慢回落，服务通胀仍在高位图表2：美国PCE图表1：美国CPI及分项季调同比20.0%CPIDurablesNondurablesServices15.0%10.0%5.0%同比环比AllItemsLessFoodEnergyJan-23Dec-22Nov-22Oct-22Jan-23Dec-22Nov-22Oct-22PCE5.38%1.05%6.96%5.69%5.50%7.99%12.72%2.12%16.45%5.74%7.32%0.57%4.63%4.71%2.79%5.42%5.29%1.98%6.95%5.36%5.25%7.74%13.44%2.48%13.35%5.74%6.64%0.38%4.12%4.60%3.35%5.06%5.65%3.19%8.18%5.29%5.14%7.32%12.20%2.64%12.17%5.39%7.04%0.08%4.62%4.78%4.10%5.03%6.12%4.21%9.17%5.49%5.30%7.06%12.72%2.79%16.67%4.13%7.51%0.26%4.23%5.09%4.76%5.22%0.62%0.25%0.76%0.64%0.62%0.69%1.75%0.26%1.05%0.67%0.72%0.63%0.60%0.57%0.49%0.60%0.20%-0.22%-0.67%0.56%0.53%0.79%1.43%0.12%2.46%0.53%0.48%0.32%0.06%0.37%-0.03%0.52%0.17%-0.56%-0.05%0.37%0.32%0.69%-0.30%0.07%-1.80%1.15%0.33%0.76%0.44%0.22%-0.27%0.40%0.41%-0.39%0.84%0.43%0.44%0.65%-0.41%0.30%0.98%0.58%1.25%-0.33%0.33%0.30%-0.10%0.46%耐用品非耐用品服务HouseholdConsumptionExpendituresHU:HousingHU:HouseholdUtilitiesHealthcareTransportationRecreationFoodServicesAccommodationsFinancialInsuranceOther0.0%核心PCEGoodsExclFoodEnergyServicesExclEnergy-5.0%-10.0%：Ceic，兴业证券经济与金融研究院整理数据：Ceic，兴业证券经济与金融研究院整理数据3

1.2、就业：依然强劲，服务业是主要支撑图表4：服务业和商品生产新增非农就业人数图表3：美国新增非农就业人数1,000500.00400.00300.00200.00100.000.00200.00150.00100.0050.00新增非农就业人数（千人）私人:服务生产，千人私人:商品生产，千人（右）90080070060050040030020010000.00(100.00)(200.00)(300.00)(400.00)(500.00)(50.00)(100.00)(150.00)(200.00)注：为阅读方便，左轴纵坐标大于500.00，右轴纵坐标大于200.00及小于200.00的暂不显示注：为阅读方便，纵坐标大于1000及小于0的暂不显示：Ceic，兴业证券经济与金融研究院整理数据：Ceic，兴业证券经济与金融研究院整理数据4

1.2、就业：年轻劳动力参与率回升，工资增速有所下行图表6：美国劳动参与率（%）图表5：工资同比增速LabourForceParticipationRateAge16to24（右）%10.0%%AvgHourlyEarnings:Private(yoy)64.063.563.062.562.061.561.060.560.057.056.055.054.053.052.051.050.049.0AvgHourlyEarnings:GoodsProducing(yoy)9.0%8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%AvgHourlyEarnings:PrivateServiceProviding(yoy)Age25to54Age55Over（右）%%84.041.083.583.082.582.081.581.080.580.079.579.040.540.039.539.038.538.0：Ceic，兴