1.原文连结：
https://tinyurl.com/y63qcfep
2.原文内容：
Slowing U.S. private hiring adds to gloom over economy
美国民间就业放缓令经济更加黯淡
WASHINGTON (Reuters) - Hiring by U.S. private employers slowed further in Se
ptember, suggesting that trade tensions, which have pressured manufacturing,
could be spilling over to the labor market.
华盛顿（路透）——美国9月民间部门招聘活动进一步放缓，暗示令制造业承压的贸易紧
张局势可能蔓延至劳工市场。
The ADP National Employment Report on Wednesday also showed private payrolls
growth in August was not as strong as previously estimated, and said “busi
nesses have turned more cautious in their hiring,” with small enterprises b
ecoming “especially hesitant.”
ADP周三公布的全国就业报告亦显示，8月民间就业人口增幅不及先前预估的强劲，并称
企业在招聘方面变得更加谨慎，小型企业尤其犹豫不决。
It came on the heels of a survey on Tuesday showing manufacturing activity t
umbled to a more than 10-year low in September. The reports added to cooling
consumer spending in suggesting that the economy was losing momentum, thoug
h a recession is probably not on the horizon.
周二公布的一项调查显示，9月份制造业活动降至逾10年低点。这些报告进一步冷却了消
费者支出，暗示经济正在失去动力，尽管衰退可能还没有出现。
The economy’s darkening outlook was also underscored by another report on W
ednesday showing a measure of current business conditions in New York City d
ropped to a 40-month low in September.
周三公布的另一份报告也突显了经济前景愈发黯淡。该报告显示，9月纽约市当前商业状
况降至40个月低点。
The longest economic expansion on record, now in its 11th year, is losing gr
ound with the blame largely put on a 15-month trade war between the United S
tates and China, which has eroded business confidence.
有记录以来持续时间最长的经济扩张如今已进入第11个年头，但却在节节败退，原因主
要在于美国和中国之间持续了15个月的贸易战，这场贸易战侵蚀了商业信心。
Slowing job growth is a concern as it could curb consumer spending, which ha
s been the economy’s main growth engine.
就业增长放缓令人担忧，因为它可能抑制消费支出，而消费支出一直是美国经济的主要
增长引擎。
Private employers added 135,000 jobs in September, the ADP National Employme
nt report showed. Data for August was revised downward to show private payro
lls increasing by 157,000 jobs instead of the previously reported 195,000 po
sitions.
ADP全国就业报告显示，9月份私营部门增加了13.5万个就业岗位。8月数据被向下修正，
显示民间就业人口增加15.7万人，而非先前公布的19.5万人。
“We continue to believe that the underlying trend in job growth has slowed
lately but that it remains decent,” said Daniel Silver, an economist at JPM
organ in New York.
摩根大通(JPMorgan)驻纽约经济学家丹尼尔?西尔弗(Daniel Silver)表示:“我们仍然认
为，就业增长的基本趋势最近有所放缓，但仍相当可观。”
Economists polled by Reuters had forecast private employment rising by 140,0
00 jobs in September.
接受路透调查的经济学家此前预计，9月民间就业岗位增加14万个。
The dollar was little changed against a basket of currencies, while U.S. Tre
asury prices rose. Stocks on Wall Street dropped to one-month lows.
美元兑一篮子货币变动不大，而美国公债价格上涨。华尔街股市下跌到一个月来的最低
点。
WEAKER EMPLOYMENT REPORT?
疲软的就业报告？
The ADP figures come ahead of the Labor Department’s more comprehensive non
farm payrolls report due out on Friday, which includes both public- and priv
ate-sector employment.
ADP数据出炉之际，美国劳工部(Labor Department)将于周五发布更全面的非农就业报告
，其中包括公共部门和私营部门的就业情况。
The ADP report, which is jointly developed with Moody’s Analytics, has a po
or record predicting the private payrolls component of the government’s emp
loyment report. However, last month’s job gains fit in with economists’ ex
pectations for moderate nonfarm payrolls growth in September.
ADP报告是与穆迪联合编制的，在预测政府就业报告中的私营部门就业数据方面，它的记
录不佳。不过，上个月的就业增长符合经济学家对9月份非农就业人数温和增长的预期。
Some analysts believe a weaker employment report is likely.
一些分析师认为，就业报告可能会更加疲弱。
“I believe that Friday’s nonfarm payrolls will come in weaker than forecas
t,” said Kevin Giddis, chief fixed income strategist at Raymond James in Me
mphis, Tennessee. “In my opinion, a number below 100,000 is likely more pro
bable. It just has that feeling.”
Raymond James首席固定收益策略师吉迪斯(Kevin Giddis)说，我认为周五的非农就业数
据将弱于预期。在我看来，低于10万的可能性更大。感觉上就是这样。
According to a Reuters survey of economists, nonfarm payrolls probably incre
ased by 145,000 jobs in September, after rising 130,000 in August. Job gains
have averaged 158,000 per month this year, above the roughly 100,000 needed
each month to keep up with growth in the working age population.
根据路透对分析师的调查，9月非农就业人口可能增加14.5万人，8月为增加13万人。今
年，美国平均每月新增就业15.8万人，高于每月约10万人的水平，而这一水平是美国适
龄劳动人口增长所必需的。
The unemployment rate is forecast unchanged at 3.7% for a fourth straight mo
nth.
预计失业率将连续第四个月保持在3.7%。
The ADP report showed employment in the goods-producing sector increased by
8,000 jobs in September. Manufacturing payrolls rose by 2,000 jobs last mont
h and construction added 9,000 positions. Natural resources and mining shed
3,000 jobs.
ADP报告显示，9月份商品生产部门的就业岗位增加了8,000个。上个月制造业就业人数增
加了2000人，建筑业增加了9000人。自然资源和采矿业减少了3000个工作岗位。
The services sector added 127,000 jobs last month, with gains concentrated i
n education and health services, professional and business services, and tra
de, transportation and utilities industries.
上个月，服务业增加了12.7万个就业岗位，主要集中在教育和医疗服务、专业和商业服
务以及贸易、运输和公用事业行业。
In a separate report on Wednesday, the Institute for Supply Management-New Y
ork current business conditions index dropped to a reading of 42.8 last mont
h, the lowest since May 2016, from 50.3 in August. Businesses were also down
beat about the outlook over the next six months.
在星期三的一份独立报告中，美国供应管理协会(ISM)纽约当期商业景气指数从八月的
50.3降至上月的42.8，是2016年5月以来的最低水平。企业也对未来六个月的前景感到
悲观。
The survey’s six-month outlook gauge tumbled 26.2 points to 45.2 in Septemb
er, the lowest reading since February 2009. Its employment measure dropped t
o a 19-month low of 52.5 from 69.0 in August.
该调查的6个月展望指数在九月下跌26.2点，至45.2点，为2009年2月以来的最低水平。
它的就业率从8月的69降到了19的52.5个月低点。
“Purchasing managers are struggling and are more nervous about the future t
han they have been at any point since the Great Recession,” said Adam Kamin
s, an economist at Moody’s Analytics in West Chester, Pennsylvania.
穆迪位于宾夕法尼亚州西切斯特的经济学家亚当·卡明斯(Adam Kamins)说，采购经理们
正在苦苦挣扎，他们对未来的担忧比大衰退以来的任何时候都要严重。
But there was some encouraging news on the housing market, which has been st
ruggling since hitting a soft patch last year. The Mortgage Bankers Associat
ion said applications for loans to purchase a home increased 10% last week f
rom a year ago.
但楼市方面也有一些令人鼓舞的消息。自去年遭遇疲软以来，楼市一直在苦苦挣扎。美
国抵押贷款银行家协会(Mortgage Bankers Association)说，上周购房贷款申请较上年
同期增加了10%。
The report added to data on homebuilding, building permits and home sales in
suggesting that the housing market slump had probably run its course. Resid
ential investment has contracted for six straight quarters, the longest such
stretch since the Great Recession.
该报告补充了房屋建筑、建筑许可和房屋销售数据，暗示楼市可能已经走到了尽头。住
宅投资已经连续6个季度收缩，是自大衰退以来持续时间最长的一次。
The housing market is being lifted by lower mortgage rates, thanks to intere
st rate cuts by the Federal Reserve.
由于美联储(Federal Reserve)降息，抵押贷款利率下降提振了房地产市场。
3.心得/评论：
1.8月雇佣数据被下修了20%（19.5万—15.7万），之前灌水严重。
2.9月雇佣数据连8月的数据都不到（13.5万 vs 15.7万）
3.9月增加雇佣人数主要集中在教育、医疗服务、专业和商业服务及贸易、运输和公用事
业行业，主要是三产服务业；而川普主打的制造业回流，商品生产岗位增加8000个，制
造业就业增加2000个，和服务业相比太少。
4.美国供应管理协会的6月期展望指数降到了2009年2月以来的最低点。
5.受美联储降息影响，房地产市场有一定提振。
冤有头债有主，我是大自然的搬运工，不服找路透。