-- 蒙特利尔银行(BMO)的道格拉斯·波特(Douglas Porter)表示,从周五公布的加拿大就业数据中得出的最重要结论是,3月份的就业结果“出乎意料地”与往年“并无太大出人意料”。他补充说,总体而言,过去一年就业增长相当温和,但可用劳动力的增长也同样缓慢,从而维持了失业率的稳定。 波特表示,唯一真正的新消息是工资“似乎出现了大幅上涨”,加拿大央行将密切关注这一趋势,尤其是在其已高度警惕能源价格上涨可能对整体通胀产生溢出效应的情况下。 波特指出,加拿大就业人数在经历了2026年“艰难的开局”后,3月份温和增长了14,100人。鉴于今年前两个月就业岗位共减少了108,700个,没有人会将这小幅回升误认为是就业强劲的信号,尤其是在上个月全职工作岗位实际上略有下降的情况下。 不过,波特补充道,即使是小幅增长也是积极的信号,稳定的失业率也同样如此,目前失业率维持在6.7%——实际上比一年前略低。 波特指出,在经历了两次大幅下降后,随着劳动参与率趋于稳定,劳动力人口也小幅增长了15,000人,但过去一年劳动力人口仅增长了0.4%,略低于就业增长率。 波特表示,总体而言,周五公布的劳动力调查结果“出人意料地”接近市场普遍预期,在蒙特利尔银行(BMO)的评分系统中获得了57.1分的及格分数。“这对加拿大央行的政策辩论几乎不会产生任何影响,”他补充道。 波特指出一个“小插曲”:平均时薪意外飙升至4.7%的同比增速,创一年多来新高,远高于上月的3.9%。“工资数据波动较大,但这次的涨幅相当显著,值得密切关注。” 与此同时,他还指出,在经历了2月份的“大幅下滑”之后,总工时环比小幅增长0.2%。但第一季度全年工时年化增长率仍下降了0.4%。波特表示,考虑到本季度生产率的显著提升,这一数据或许仍能与蒙特利尔银行对第一季度国内生产总值(GDP)1.5%的预期相符。
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