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Ramesh78

Ramesh78

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2021-10-08

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September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>

2021-08-29

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2021-09-01

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2021-08-29

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2021-11-21

$Apple(AAPL)$good

2021-09-07

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2021-10-15

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2021-09-13

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2021-08-29

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Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街罪与罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>

2021-09-13

Ok

SOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote>

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15:37","market":"us","language":"en","title":"Is Tesla's Stock Forecast Impacted By Rivian R1T Electric Truck?<blockquote>特斯拉的股票预测是否受到Rivian R1T电动卡车的影响？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154698505","media":"Seeking Alpha","summary":"Summary\n\nTesla does not have a large model range right now and is thus dependent on new entrants suc","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla does not have a large model range right now and is thus dependent on new entrants such as the Cybertruck - which recently got delayed.</li>  <li>Peers are entering the highly attractive electric truck space way before Tesla, including Rivian with its R1T and Ford with the F-150 Lightning.</li>  <li>This could hurt Tesla's brand image as well as its stock price, as Tesla has lost the first-mover advantage in this important future market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf7c15134ff043f2c3df0d488a4f631\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"><span>David Becker/Getty Images News</span></p><p><blockquote><ul><li>特斯拉目前没有大的车型系列，因此依赖于新进入者，例如最近被推迟的Cybertruck。</li><li>同行们先于特斯拉进入极具吸引力的电动卡车领域，包括Rivian的R1T和福特的F-150 Lightning。</li><li>这可能会损害特斯拉的品牌形象及其股价，因为特斯拉已经失去了在这个重要的未来市场的先发优势。</li></ul><p class=\"t-img-caption\"><span>大卫·贝克尔/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Tesla, Inc.(NASDAQ:TSLA)is priced for massive growth over the coming years. The company's industry position is strong today, but competition is a concern. Rivian Automotive's (RIVN) R1T truck will gain a sizeable presence in the electric truck space, which could hurt the outlook for Tesla's Cybertruck that is still about two years away from mass production. Generally, this space should be large enough to accommodate several players a couple of years from now, but the fact that Tesla has lost its first-mover advantage is naturally not a positive. Overall, Tesla's shares seem pretty expensive for where the company stands today, but depending on market sentiment, shares may still run higher.</p><p><blockquote>特斯拉公司（纳斯达克：TSLA）预计未来几年将实现大幅增长。该公司如今的行业地位很强，但竞争令人担忧。Rivian汽车公司(RIVN)的R1T卡车将在电动卡车领域获得相当大的影响力，这可能会损害特斯拉Cybertruck的前景，该公司距离量产还有大约两年的时间。一般来说，这个空间应该足够大，可以在几年后容纳几个玩家，但特斯拉失去先发优势的事实自然不是一个积极的因素。总体而言，特斯拉目前的股价似乎相当昂贵，但根据市场情绪，股价仍可能走高。</blockquote></p><p> <b>Is Rivian Publicly Traded?</b></p><p><blockquote><b>Rivian公开交易吗？</b></blockquote></p><p> Rivian Automotive is, so far, not publicly traded. The company plans to go public in the near term, however, as Rivian has filed theS-1for its initial public offering a couple of days ago. The company seeks to sell 10% of its shares for around $8 billion, which would value the company at $80 billion. For a company that has just recently started mass-producing its first model, that seems quite expensive, but then again, Rivian is backed by companies such as Amazon(NASDAQ:AMZN)and Ford(NYSE:F)and has a compelling product and the first-mover advantage in the electric truck market.</p><p><blockquote>到目前为止，Rivian汽车公司尚未公开交易。然而，该公司计划在短期内上市，因为Rivian几天前已提交了首次公开募股THES-1。该公司寻求以约80亿美元的价格出售10%的股份，这将使公司估值达到800亿美元。对于一家最近刚刚开始量产首款车型的公司来说，这似乎相当昂贵，但话又说回来，Rivian得到了Amazon（纳斯达克：AMZN）和Ford（纽约证券交易所：F）等公司的支持，并拥有引人注目的产品和电动卡车市场的先发优势。</blockquote></p><p> <b>How Is Rivian Different From Tesla?</b></p><p><blockquote><b>Rivian和特斯拉有什么不同？</b></blockquote></p><p> The two companies are active in the same industry, but there are vast differences between them. The most obvious one is the size and scale of the company -- Tesla is currently producing around 900,000 vehicles a year, while Rivian has just begun producing its first model. Tesla operates several factories across different continents and owns a network of stores and superchargers, while the same is not true for Rivian. Last but not least, Tesla is ambitious to become a major player in energy storage, solar, etc. These ventures are not profitable yet, which limits the current value of these business units, but Tesla is clearly more diversified across the whole \"new energy\" industry compared to Rivian, which is an EV manufacturer solely.</p><p><blockquote>这两家公司活跃在同一个行业，但它们之间存在巨大差异。最明显的是公司的规模和规模——特斯拉目前每年生产约90万辆汽车，而Rivian刚刚开始生产其第一款车型。特斯拉在不同大洲经营着多家工厂，并拥有商店和超级充电站网络，而Rivian的情况并非如此。最后但同样重要的是，特斯拉雄心勃勃地希望成为储能、太阳能等领域的主要参与者。这些企业尚未盈利，这限制了这些业务部门当前的价值，但与仅作为电动汽车制造商的Rivian相比，特斯拉在整个“新能源”行业显然更加多元化。</blockquote></p><p> Tesla's way larger size and established operations also lead to another important difference -- Tesla is, unlike Rivian, profitable and able to self-fund its operations and capital expenditures, which makes it less dependent on capital markets. Rivian will, for the foreseeable future, rely on capital markets to fund its future growth.</p><p><blockquote>特斯拉更大的规模和成熟的业务也导致了另一个重要的区别——与Rivian不同，特斯拉是盈利的，并且能够为其运营和资本支出自筹资金，这使其对资本市场的依赖较少。在可预见的未来，Rivian将依靠资本市场为其未来的增长提供资金。</blockquote></p><p> <b>Will Tesla Be Impacted By Rivian's R1T Truck?</b></p><p><blockquote><b>特斯拉会受到Rivian R1T卡车的冲击吗？</b></blockquote></p><p> Tesla has, in the past, grown its production volumes and revenues reliably through two growth drivers: The introduction of new models, and through increasing sales volumes for its existing models. Over the last couple of quarters, almost all of Tesla's sales stemmed from Model 3 and Model Y sales, as X and S sales took a backseat. Future growth will likely be driven by increasing sales of Tesla's 3 and Y models, but the company is also dependent on the introduction of new models to some degree. The Roadster 2 will not be a volume model, but a lot of hope rests on Tesla's Cybertruck. The Cybertruck, which was presented in 2019, will go into production towards the end of 2022, according to CEO&nbsp;Elon Musk. Mass production, however, is still further away, and targeted for the end of 2023, or about two years from now.</p><p><blockquote>过去，特斯拉通过两个增长动力可靠地增长了产量和收入：推出新车型和增加现有车型的销量。在过去的几个季度中，特斯拉几乎所有的销量都来自Model 3和Model Y的销量，而X和S的销量则退居二线。未来的增长可能会受到特斯拉3和Y车型销量增加的推动，但该公司在一定程度上也依赖于新车型的推出。Roadster 2不会是量产车型，但特斯拉的Cybertruck寄予了很大希望。首席执行官埃隆·马斯克(Elon Musk)表示，2019年推出的Cybertruck将于2022年底投入生产。然而，量产还很遥远，目标是2023年底，也就是大约两年后。</blockquote></p><p> When we consider the fact that Tesla has oftentimes missed its own timelines, be it robo-taxis, the Roadster 2, or others, it seems possible that the Cybertruck will be delayed further, and may not be mass-produced before 2024. This would be the case if Tesla misses current estimates by a couple of months, which wouldn't be an overly large surprise. By that time, Rivian will have produced its R1T truck for a couple of years, and others will have entered the attractive electric truck market as well. Ford, for example, is on track to bring its F-150 Lighting to the market soon, as&nbsp;pre-production&nbsp;started in September, and market entry is just a matter of months.</p><p><blockquote>当我们考虑到特斯拉经常错过自己的时间表时，无论是机器人出租车、Roadster 2还是其他产品，Cybertruck似乎有可能进一步推迟，并且可能不会在2024年之前量产。如果特斯拉比当前的预期低几个月，就会出现这种情况，这并不令人意外。到那时，Rivian的R1T卡车将生产几年，其他公司也将进入有吸引力的电动卡车市场。例如，福特有望很快将其F-150照明推向市场，预生产已于9月份开始，进入市场只需几个月的时间。</blockquote></p><p></p><p> The competition from Rivian's R1T and Ford's F-150 could impact Tesla in several ways. First, the fact that the Cybertruck will be late to the market relative to competitors' products will mean that those customers that are very eager to buy an electric truck will go with Rivian or Ford, and not Tesla. Those very eager customers do likely include many that are willing to pay above-average prices, which will allow Ford and Rivian to absorb buying power that is then not available for Tesla when it brings out its Cybertruck two years later.</p><p><blockquote>来自Rivian R1T和福特F-150的竞争可能会在几个方面影响特斯拉。首先，相对于竞争对手的产品，Cybertruck上市较晚，这意味着那些非常渴望购买电动卡车的客户将选择Rivian或福特，而不是特斯拉。这些非常渴望的客户可能包括许多愿意支付高于平均水平价格的客户，这将使福特和Rivian能够吸收特斯拉两年后推出Cybertruck时无法获得的购买力。</blockquote></p><p> On top of that, the fact that the R1T and the F-150 Lighting will be on the roads well before the Cybertruck is available could hurt Tesla's image as a key electric truck manufacturer. Tesla has the brand advantage in EVs, generally, thanks to its first-mover advantage. But with it being late in the truck space, this first-mover advantage and the increased brand recognition could fall to Rivian and Ford instead of Tesla. As long as Rivian's and Ford's products satisfy customers (which is not guaranteed), truck buyers might build brand loyalty with Rivian and Ford, which could hurt Tesla's ability to sell its Cybertruck and future electric trucks in the long run. Once the opportunity to be a first-mover is missed, others have the advantage, similar to how Tesla has an advantage in selling electric cars today.</p><p><blockquote>最重要的是，R1T和F-150 Lighting将在Cybertruck上市之前就上路，这一事实可能会损害特斯拉作为主要电动卡车制造商的形象。总体而言，特斯拉在电动汽车领域拥有品牌优势，这要归功于其先发优势。但由于福特在卡车领域处于较晚地位，这种先发优势和品牌认知度的提高可能会落到Rivian和福特身上，而不是特斯拉。只要Rivian和福特的产品让客户满意（这并不能保证），卡车买家可能会对Rivian和福特建立品牌忠诚度，从长远来看，这可能会损害特斯拉销售其Cybertruck和未来电动卡车的能力。一旦错过了先发者的机会，别人就有了优势，类似于今天特斯拉在销售电动汽车方面的优势。</blockquote></p><p> Last but not least, successful launches by Rivian and Ford could also impact Tesla's stock valuation. In case both Rivian and Ford are able to scale up production well and sell large amounts of electric trucks before the Cybertruck is released, investors interested in EV stocks may start to divert away from Tesla. If Rivian is successful in rolling out an electric truck well before Tesla, some current Tesla shareholders may decide to go with Rivian instead, or to split investments between the two companies. This could, in turn, lead to lower demand for Tesla's shares and to some selling pressure, which would be a negative for TSLA stock.</p><p><blockquote>最后但同样重要的是，Rivian和福特的成功推出也可能影响特斯拉的股票估值。如果Rivian和福特都能够在Cybertruck发布之前很好地扩大生产规模并销售大量电动卡车，对电动汽车股票感兴趣的投资者可能会开始远离特斯拉。如果Rivian在特斯拉之前成功推出电动卡车，特斯拉的一些现任股东可能会决定选择Rivian，或者在两家公司之间分割投资。这反过来可能会导致对特斯拉股票的需求下降并带来一些抛售压力，这将对特斯拉股票不利。</blockquote></p><p> None of these is guaranteed, and it is, of course, possible that Tesla beats its own timeline and that the Cybertruck will be made available sooner than expected. It is also possible that manufacturing problems for the R1T or the F-150 Lightning emerge, which would mean that Tesla has more time to catch up. But for now it looks like Rivian and Ford are in the leadership position in the electric truck space, and Tesla being behind its competitors naturally is a negative for the company and its stock. This could hurt demand for the Cybertruck, hurt Tesla's brand image as a technological leader and first-mover, and it could make its shares less compelling relative to those of other EV manufacturers.</p><p><blockquote>这些都不能保证，当然，特斯拉有可能超出自己的时间表，Cybertruck将比预期更早上市。R1T或F-150 Lightning也有可能出现制造问题，这意味着特斯拉有更多时间迎头赶上。但目前看来，Rivian和福特在电动卡车领域处于领先地位，而特斯拉落后于竞争对手自然对该公司及其股票不利。这可能会损害对Cybertruck的需求，损害特斯拉作为技术领导者和先行者的品牌形象，并可能使其股价相对于其他电动汽车制造商的吸引力下降。</blockquote></p><p> <b>Is Tesla Stock A Buy, Sell, Or Hold?</b></p><p><blockquote><b>特斯拉股票是买入、卖出还是持有？</b></blockquote></p><p> The electric truck space will be large enough to allow several players to do well a couple of years from now, thus Tesla being behind with its Cybertruck does not mean that the model will not sell well. But it is still important to know whether a company will hold a 30% market share or a 20% market share, for example, five years from now. With Tesla being behind competitors, I do believe that it is not very likely that Tesla will dominate the US electric truck space the same way it dominates the US electric car space today.</p><p><blockquote>电动卡车的空间将足够大，足以让几家公司在几年后表现出色，因此特斯拉的Cybertruck落后并不意味着该车型销量不好。但了解一家公司将持有30%的市场份额还是20%的市场份额仍然很重要，例如，五年后。由于特斯拉落后于竞争对手，我确实相信特斯拉不太可能像今天主导美国电动汽车领域那样主导美国电动卡车领域。</blockquote></p><p> Tesla will still see its volumes and revenue grow over the coming years, but growth may not be meaningful enough to justify the current valuation. Tesla is forecasted to generate revenue of $51 billion this year, $67 billion in 2022, and $83 billion in 2023:</p><p><blockquote>未来几年，特斯拉的销量和收入仍将增长，但增长可能不足以证明当前估值的合理性。特斯拉预计今年的收入将达到510亿美元，2022年为670亿美元，2023年为830亿美元：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2d74e02403e2b6edbc187bf103c6bb\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This equates to a growth rate of 31% next year and 24% in 2023. Note that expected revenue growth is less than the 50% average volume growth expected by Tesla, due to the fact that current analyst models predict that Tesla may not be able to deliver on that goal, while average sales price compression could also be a headwind for revenue growth. Overall, revenue growth in the 20%-30% range is still attractive, of course, compared to legacy auto players that do not manage to grow this meaningfully.</p><p><blockquote>这相当于明年的增长率为31%，2023年为24%。请注意，预期收入增长低于特斯拉预期的50%平均销量增长，因为目前的分析师模型预测特斯拉可能无法实现这一目标，而平均销售价格压缩也可能成为收入增长的阻力。当然，总体而言，与未能实现有意义增长的传统汽车企业相比，20%-30%范围的收入增长仍然具有吸引力。</blockquote></p><p></p><p> With 1.12 billion diluted shares, Tesla is currently valued at $875 billion, which equates to a forward sales multiple of 17. Likewise, the sales multiples for 2022 and 2023 stand at 13 and 11, respectively. These are not only very high valuations relative to legacy auto makers, but even relative to some of the other EV players. NIO(NYSE:NIO)and XPeng(NYSE:XPEV), for example, which are growing faster than Tesla, are both valued at 6x 2022's expected revenue today, which makes for a little less than half of Tesla's valuation. Lucid(NASDAQ:LCID), which is a pretty new market entrant, and which should grow faster than Tesla on a relative basis over the coming years, is valued at&nbsp;10x&nbsp;2023's expected revenue, versus Tesla's 11x 2023's expected revenue. Overall, I do thus believe that Tesla's shares are too expensive at current prices. This does not at all mean that Tesla is a bad company or that the company will not generate any business growth, but valuations should always be considered. The fact that Tesla is way behind competitors in the electric truck segment is another reason, for me, to believe that Tesla's current valuation is too high -- shares are priced for perfection, and Tesla is far from being perfect, even though the company is solid for sure.</p><p><blockquote>特斯拉拥有11.2亿股稀释后的股票，目前估值为8750亿美元，相当于17倍的远期销售倍数。同样，2022年和2023年的销售倍数分别为13和11。这些估值不仅相对于传统汽车制造商来说非常高，甚至相对于其他一些电动汽车制造商来说也非常高。例如，增长速度快于特斯拉的蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）目前的估值均为2022年预期收入的6倍，略低于特斯拉估值的一半。Lucid（纳斯达克股票代码：LCID）是一个相当新的市场进入者，未来几年的相对增长速度应该会快于特斯拉，其估值为2023年预期收入的10倍，而特斯拉2023年预期收入的11倍。总体而言，我确实认为特斯拉的股票以目前的价格来看太贵了。这并不意味着特斯拉是一家糟糕的公司，或者该公司不会产生任何业务增长，但应该始终考虑估值。对我来说，特斯拉在电动卡车领域远远落后于竞争对手，这一事实是我认为特斯拉目前估值过高的另一个原因——股票定价完美，而特斯拉远非完美，尽管该公司肯定是稳固的。</blockquote></p><p> Tesla's overly high valuation versus legacy players with growing EV businesses, such as Ford or Volkswagen(OTCPK:VWAGY), and Tesla's premium valuation versus higher-growth EV peers makes me believe that shares are an avoid at current prices. Locking in gains could be a good idea for those that are long the stock.</p><p><blockquote>与福特或大众（OTCPK：VWAGY）等电动汽车业务不断增长的传统企业相比，特斯拉的估值过高，而特斯拉相对于增长较高的电动汽车同行的估值溢价，这让我相信，以当前价格来看，该股值得回避。对于那些做多该股的人来说，锁定收益可能是个好主意。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla's Stock Forecast Impacted By Rivian R1T Electric Truck?<blockquote>特斯拉的股票预测是否受到Rivian R1T电动卡车的影响？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla's Stock Forecast Impacted By Rivian R1T Electric Truck?<blockquote>特斯拉的股票预测是否受到Rivian R1T电动卡车的影响？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-08 15:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla does not have a large model range right now and is thus dependent on new entrants such as the Cybertruck - which recently got delayed.</li>  <li>Peers are entering the highly attractive electric truck space way before Tesla, including Rivian with its R1T and Ford with the F-150 Lightning.</li>  <li>This could hurt Tesla's brand image as well as its stock price, as Tesla has lost the first-mover advantage in this important future market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf7c15134ff043f2c3df0d488a4f631\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"><span>David Becker/Getty Images News</span></p><p><blockquote><ul><li>特斯拉目前没有大的车型系列，因此依赖于新进入者，例如最近被推迟的Cybertruck。</li><li>同行们先于特斯拉进入极具吸引力的电动卡车领域，包括Rivian的R1T和福特的F-150 Lightning。</li><li>这可能会损害特斯拉的品牌形象及其股价，因为特斯拉已经失去了在这个重要的未来市场的先发优势。</li></ul><p class=\"t-img-caption\"><span>大卫·贝克尔/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Tesla, Inc.(NASDAQ:TSLA)is priced for massive growth over the coming years. The company's industry position is strong today, but competition is a concern. Rivian Automotive's (RIVN) R1T truck will gain a sizeable presence in the electric truck space, which could hurt the outlook for Tesla's Cybertruck that is still about two years away from mass production. Generally, this space should be large enough to accommodate several players a couple of years from now, but the fact that Tesla has lost its first-mover advantage is naturally not a positive. Overall, Tesla's shares seem pretty expensive for where the company stands today, but depending on market sentiment, shares may still run higher.</p><p><blockquote>特斯拉公司（纳斯达克：TSLA）预计未来几年将实现大幅增长。该公司如今的行业地位很强，但竞争令人担忧。Rivian汽车公司(RIVN)的R1T卡车将在电动卡车领域获得相当大的影响力，这可能会损害特斯拉Cybertruck的前景，该公司距离量产还有大约两年的时间。一般来说，这个空间应该足够大，可以在几年后容纳几个玩家，但特斯拉失去先发优势的事实自然不是一个积极的因素。总体而言，特斯拉目前的股价似乎相当昂贵，但根据市场情绪，股价仍可能走高。</blockquote></p><p> <b>Is Rivian Publicly Traded?</b></p><p><blockquote><b>Rivian公开交易吗？</b></blockquote></p><p> Rivian Automotive is, so far, not publicly traded. The company plans to go public in the near term, however, as Rivian has filed theS-1for its initial public offering a couple of days ago. The company seeks to sell 10% of its shares for around $8 billion, which would value the company at $80 billion. For a company that has just recently started mass-producing its first model, that seems quite expensive, but then again, Rivian is backed by companies such as Amazon(NASDAQ:AMZN)and Ford(NYSE:F)and has a compelling product and the first-mover advantage in the electric truck market.</p><p><blockquote>到目前为止，Rivian汽车公司尚未公开交易。然而，该公司计划在短期内上市，因为Rivian几天前已提交了首次公开募股THES-1。该公司寻求以约80亿美元的价格出售10%的股份，这将使公司估值达到800亿美元。对于一家最近刚刚开始量产首款车型的公司来说，这似乎相当昂贵，但话又说回来，Rivian得到了Amazon（纳斯达克：AMZN）和Ford（纽约证券交易所：F）等公司的支持，并拥有引人注目的产品和电动卡车市场的先发优势。</blockquote></p><p> <b>How Is Rivian Different From Tesla?</b></p><p><blockquote><b>Rivian和特斯拉有什么不同？</b></blockquote></p><p> The two companies are active in the same industry, but there are vast differences between them. The most obvious one is the size and scale of the company -- Tesla is currently producing around 900,000 vehicles a year, while Rivian has just begun producing its first model. Tesla operates several factories across different continents and owns a network of stores and superchargers, while the same is not true for Rivian. Last but not least, Tesla is ambitious to become a major player in energy storage, solar, etc. These ventures are not profitable yet, which limits the current value of these business units, but Tesla is clearly more diversified across the whole \"new energy\" industry compared to Rivian, which is an EV manufacturer solely.</p><p><blockquote>这两家公司活跃在同一个行业，但它们之间存在巨大差异。最明显的是公司的规模和规模——特斯拉目前每年生产约90万辆汽车，而Rivian刚刚开始生产其第一款车型。特斯拉在不同大洲经营着多家工厂，并拥有商店和超级充电站网络，而Rivian的情况并非如此。最后但同样重要的是，特斯拉雄心勃勃地希望成为储能、太阳能等领域的主要参与者。这些企业尚未盈利，这限制了这些业务部门当前的价值，但与仅作为电动汽车制造商的Rivian相比，特斯拉在整个“新能源”行业显然更加多元化。</blockquote></p><p> Tesla's way larger size and established operations also lead to another important difference -- Tesla is, unlike Rivian, profitable and able to self-fund its operations and capital expenditures, which makes it less dependent on capital markets. Rivian will, for the foreseeable future, rely on capital markets to fund its future growth.</p><p><blockquote>特斯拉更大的规模和成熟的业务也导致了另一个重要的区别——与Rivian不同，特斯拉是盈利的，并且能够为其运营和资本支出自筹资金，这使其对资本市场的依赖较少。在可预见的未来，Rivian将依靠资本市场为其未来的增长提供资金。</blockquote></p><p> <b>Will Tesla Be Impacted By Rivian's R1T Truck?</b></p><p><blockquote><b>特斯拉会受到Rivian R1T卡车的冲击吗？</b></blockquote></p><p> Tesla has, in the past, grown its production volumes and revenues reliably through two growth drivers: The introduction of new models, and through increasing sales volumes for its existing models. Over the last couple of quarters, almost all of Tesla's sales stemmed from Model 3 and Model Y sales, as X and S sales took a backseat. Future growth will likely be driven by increasing sales of Tesla's 3 and Y models, but the company is also dependent on the introduction of new models to some degree. The Roadster 2 will not be a volume model, but a lot of hope rests on Tesla's Cybertruck. The Cybertruck, which was presented in 2019, will go into production towards the end of 2022, according to CEO&nbsp;Elon Musk. Mass production, however, is still further away, and targeted for the end of 2023, or about two years from now.</p><p><blockquote>过去，特斯拉通过两个增长动力可靠地增长了产量和收入：推出新车型和增加现有车型的销量。在过去的几个季度中，特斯拉几乎所有的销量都来自Model 3和Model Y的销量，而X和S的销量则退居二线。未来的增长可能会受到特斯拉3和Y车型销量增加的推动，但该公司在一定程度上也依赖于新车型的推出。Roadster 2不会是量产车型，但特斯拉的Cybertruck寄予了很大希望。首席执行官埃隆·马斯克(Elon Musk)表示，2019年推出的Cybertruck将于2022年底投入生产。然而，量产还很遥远，目标是2023年底，也就是大约两年后。</blockquote></p><p> When we consider the fact that Tesla has oftentimes missed its own timelines, be it robo-taxis, the Roadster 2, or others, it seems possible that the Cybertruck will be delayed further, and may not be mass-produced before 2024. This would be the case if Tesla misses current estimates by a couple of months, which wouldn't be an overly large surprise. By that time, Rivian will have produced its R1T truck for a couple of years, and others will have entered the attractive electric truck market as well. Ford, for example, is on track to bring its F-150 Lighting to the market soon, as&nbsp;pre-production&nbsp;started in September, and market entry is just a matter of months.</p><p><blockquote>当我们考虑到特斯拉经常错过自己的时间表时，无论是机器人出租车、Roadster 2还是其他产品，Cybertruck似乎有可能进一步推迟，并且可能不会在2024年之前量产。如果特斯拉比当前的预期低几个月，就会出现这种情况，这并不令人意外。到那时，Rivian的R1T卡车将生产几年，其他公司也将进入有吸引力的电动卡车市场。例如，福特有望很快将其F-150照明推向市场，预生产已于9月份开始，进入市场只需几个月的时间。</blockquote></p><p></p><p> The competition from Rivian's R1T and Ford's F-150 could impact Tesla in several ways. First, the fact that the Cybertruck will be late to the market relative to competitors' products will mean that those customers that are very eager to buy an electric truck will go with Rivian or Ford, and not Tesla. Those very eager customers do likely include many that are willing to pay above-average prices, which will allow Ford and Rivian to absorb buying power that is then not available for Tesla when it brings out its Cybertruck two years later.</p><p><blockquote>来自Rivian R1T和福特F-150的竞争可能会在几个方面影响特斯拉。首先，相对于竞争对手的产品，Cybertruck上市较晚，这意味着那些非常渴望购买电动卡车的客户将选择Rivian或福特，而不是特斯拉。这些非常渴望的客户可能包括许多愿意支付高于平均水平价格的客户，这将使福特和Rivian能够吸收特斯拉两年后推出Cybertruck时无法获得的购买力。</blockquote></p><p> On top of that, the fact that the R1T and the F-150 Lighting will be on the roads well before the Cybertruck is available could hurt Tesla's image as a key electric truck manufacturer. Tesla has the brand advantage in EVs, generally, thanks to its first-mover advantage. But with it being late in the truck space, this first-mover advantage and the increased brand recognition could fall to Rivian and Ford instead of Tesla. As long as Rivian's and Ford's products satisfy customers (which is not guaranteed), truck buyers might build brand loyalty with Rivian and Ford, which could hurt Tesla's ability to sell its Cybertruck and future electric trucks in the long run. Once the opportunity to be a first-mover is missed, others have the advantage, similar to how Tesla has an advantage in selling electric cars today.</p><p><blockquote>最重要的是，R1T和F-150 Lighting将在Cybertruck上市之前就上路，这一事实可能会损害特斯拉作为主要电动卡车制造商的形象。总体而言，特斯拉在电动汽车领域拥有品牌优势，这要归功于其先发优势。但由于福特在卡车领域处于较晚地位，这种先发优势和品牌认知度的提高可能会落到Rivian和福特身上，而不是特斯拉。只要Rivian和福特的产品让客户满意（这并不能保证），卡车买家可能会对Rivian和福特建立品牌忠诚度，从长远来看，这可能会损害特斯拉销售其Cybertruck和未来电动卡车的能力。一旦错过了先发者的机会，别人就有了优势，类似于今天特斯拉在销售电动汽车方面的优势。</blockquote></p><p> Last but not least, successful launches by Rivian and Ford could also impact Tesla's stock valuation. In case both Rivian and Ford are able to scale up production well and sell large amounts of electric trucks before the Cybertruck is released, investors interested in EV stocks may start to divert away from Tesla. If Rivian is successful in rolling out an electric truck well before Tesla, some current Tesla shareholders may decide to go with Rivian instead, or to split investments between the two companies. This could, in turn, lead to lower demand for Tesla's shares and to some selling pressure, which would be a negative for TSLA stock.</p><p><blockquote>最后但同样重要的是，Rivian和福特的成功推出也可能影响特斯拉的股票估值。如果Rivian和福特都能够在Cybertruck发布之前很好地扩大生产规模并销售大量电动卡车，对电动汽车股票感兴趣的投资者可能会开始远离特斯拉。如果Rivian在特斯拉之前成功推出电动卡车，特斯拉的一些现任股东可能会决定选择Rivian，或者在两家公司之间分割投资。这反过来可能会导致对特斯拉股票的需求下降并带来一些抛售压力，这将对特斯拉股票不利。</blockquote></p><p> None of these is guaranteed, and it is, of course, possible that Tesla beats its own timeline and that the Cybertruck will be made available sooner than expected. It is also possible that manufacturing problems for the R1T or the F-150 Lightning emerge, which would mean that Tesla has more time to catch up. But for now it looks like Rivian and Ford are in the leadership position in the electric truck space, and Tesla being behind its competitors naturally is a negative for the company and its stock. This could hurt demand for the Cybertruck, hurt Tesla's brand image as a technological leader and first-mover, and it could make its shares less compelling relative to those of other EV manufacturers.</p><p><blockquote>这些都不能保证，当然，特斯拉有可能超出自己的时间表，Cybertruck将比预期更早上市。R1T或F-150 Lightning也有可能出现制造问题，这意味着特斯拉有更多时间迎头赶上。但目前看来，Rivian和福特在电动卡车领域处于领先地位，而特斯拉落后于竞争对手自然对该公司及其股票不利。这可能会损害对Cybertruck的需求，损害特斯拉作为技术领导者和先行者的品牌形象，并可能使其股价相对于其他电动汽车制造商的吸引力下降。</blockquote></p><p> <b>Is Tesla Stock A Buy, Sell, Or Hold?</b></p><p><blockquote><b>特斯拉股票是买入、卖出还是持有？</b></blockquote></p><p> The electric truck space will be large enough to allow several players to do well a couple of years from now, thus Tesla being behind with its Cybertruck does not mean that the model will not sell well. But it is still important to know whether a company will hold a 30% market share or a 20% market share, for example, five years from now. With Tesla being behind competitors, I do believe that it is not very likely that Tesla will dominate the US electric truck space the same way it dominates the US electric car space today.</p><p><blockquote>电动卡车的空间将足够大，足以让几家公司在几年后表现出色，因此特斯拉的Cybertruck落后并不意味着该车型销量不好。但了解一家公司将持有30%的市场份额还是20%的市场份额仍然很重要，例如，五年后。由于特斯拉落后于竞争对手，我确实相信特斯拉不太可能像今天主导美国电动汽车领域那样主导美国电动卡车领域。</blockquote></p><p> Tesla will still see its volumes and revenue grow over the coming years, but growth may not be meaningful enough to justify the current valuation. Tesla is forecasted to generate revenue of $51 billion this year, $67 billion in 2022, and $83 billion in 2023:</p><p><blockquote>未来几年，特斯拉的销量和收入仍将增长，但增长可能不足以证明当前估值的合理性。特斯拉预计今年的收入将达到510亿美元，2022年为670亿美元，2023年为830亿美元：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2d74e02403e2b6edbc187bf103c6bb\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> This equates to a growth rate of 31% next year and 24% in 2023. Note that expected revenue growth is less than the 50% average volume growth expected by Tesla, due to the fact that current analyst models predict that Tesla may not be able to deliver on that goal, while average sales price compression could also be a headwind for revenue growth. Overall, revenue growth in the 20%-30% range is still attractive, of course, compared to legacy auto players that do not manage to grow this meaningfully.</p><p><blockquote>这相当于明年的增长率为31%，2023年为24%。请注意，预期收入增长低于特斯拉预期的50%平均销量增长，因为目前的分析师模型预测特斯拉可能无法实现这一目标，而平均销售价格压缩也可能成为收入增长的阻力。当然，总体而言，与未能实现有意义增长的传统汽车企业相比，20%-30%范围的收入增长仍然具有吸引力。</blockquote></p><p></p><p> With 1.12 billion diluted shares, Tesla is currently valued at $875 billion, which equates to a forward sales multiple of 17. Likewise, the sales multiples for 2022 and 2023 stand at 13 and 11, respectively. These are not only very high valuations relative to legacy auto makers, but even relative to some of the other EV players. NIO(NYSE:NIO)and XPeng(NYSE:XPEV), for example, which are growing faster than Tesla, are both valued at 6x 2022's expected revenue today, which makes for a little less than half of Tesla's valuation. Lucid(NASDAQ:LCID), which is a pretty new market entrant, and which should grow faster than Tesla on a relative basis over the coming years, is valued at&nbsp;10x&nbsp;2023's expected revenue, versus Tesla's 11x 2023's expected revenue. Overall, I do thus believe that Tesla's shares are too expensive at current prices. This does not at all mean that Tesla is a bad company or that the company will not generate any business growth, but valuations should always be considered. The fact that Tesla is way behind competitors in the electric truck segment is another reason, for me, to believe that Tesla's current valuation is too high -- shares are priced for perfection, and Tesla is far from being perfect, even though the company is solid for sure.</p><p><blockquote>特斯拉拥有11.2亿股稀释后的股票，目前估值为8750亿美元，相当于17倍的远期销售倍数。同样，2022年和2023年的销售倍数分别为13和11。这些估值不仅相对于传统汽车制造商来说非常高，甚至相对于其他一些电动汽车制造商来说也非常高。例如，增长速度快于特斯拉的蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）目前的估值均为2022年预期收入的6倍，略低于特斯拉估值的一半。Lucid（纳斯达克股票代码：LCID）是一个相当新的市场进入者，未来几年的相对增长速度应该会快于特斯拉，其估值为2023年预期收入的10倍，而特斯拉2023年预期收入的11倍。总体而言，我确实认为特斯拉的股票以目前的价格来看太贵了。这并不意味着特斯拉是一家糟糕的公司，或者该公司不会产生任何业务增长，但应该始终考虑估值。对我来说，特斯拉在电动卡车领域远远落后于竞争对手，这一事实是我认为特斯拉目前估值过高的另一个原因——股票定价完美，而特斯拉远非完美，尽管该公司肯定是稳固的。</blockquote></p><p> Tesla's overly high valuation versus legacy players with growing EV businesses, such as Ford or Volkswagen(OTCPK:VWAGY), and Tesla's premium valuation versus higher-growth EV peers makes me believe that shares are an avoid at current prices. Locking in gains could be a good idea for those that are long the stock.</p><p><blockquote>与福特或大众（OTCPK：VWAGY）等电动汽车业务不断增长的传统企业相比，特斯拉的估值过高，而特斯拉相对于增长较高的电动汽车同行的估值溢价，这让我相信，以当前价格来看，该股值得回避。对于那些做多该股的人来说，锁定收益可能是个好主意。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4458901-tesla-stock-forecast-rivian-r1t-electric-truck\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4458901-tesla-stock-forecast-rivian-r1t-electric-truck","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154698505","content_text":"Summary\n\nTesla does not have a large model range right now and is thus dependent on new entrants such as the Cybertruck - which recently got delayed.\nPeers are entering the highly attractive electric truck space way before Tesla, including Rivian with its R1T and Ford with the F-150 Lightning.\nThis could hurt Tesla's brand image as well as its stock price, as Tesla has lost the first-mover advantage in this important future market.\n\nDavid Becker/Getty Images News\nArticle Thesis\nTesla, Inc.(NASDAQ:TSLA)is priced for massive growth over the coming years. The company's industry position is strong today, but competition is a concern. Rivian Automotive's (RIVN) R1T truck will gain a sizeable presence in the electric truck space, which could hurt the outlook for Tesla's Cybertruck that is still about two years away from mass production. Generally, this space should be large enough to accommodate several players a couple of years from now, but the fact that Tesla has lost its first-mover advantage is naturally not a positive. Overall, Tesla's shares seem pretty expensive for where the company stands today, but depending on market sentiment, shares may still run higher.\nIs Rivian Publicly Traded?\nRivian Automotive is, so far, not publicly traded. The company plans to go public in the near term, however, as Rivian has filed theS-1for its initial public offering a couple of days ago. The company seeks to sell 10% of its shares for around $8 billion, which would value the company at $80 billion. For a company that has just recently started mass-producing its first model, that seems quite expensive, but then again, Rivian is backed by companies such as Amazon(NASDAQ:AMZN)and Ford(NYSE:F)and has a compelling product and the first-mover advantage in the electric truck market.\nHow Is Rivian Different From Tesla?\nThe two companies are active in the same industry, but there are vast differences between them. The most obvious one is the size and scale of the company -- Tesla is currently producing around 900,000 vehicles a year, while Rivian has just begun producing its first model. Tesla operates several factories across different continents and owns a network of stores and superchargers, while the same is not true for Rivian. Last but not least, Tesla is ambitious to become a major player in energy storage, solar, etc. These ventures are not profitable yet, which limits the current value of these business units, but Tesla is clearly more diversified across the whole \"new energy\" industry compared to Rivian, which is an EV manufacturer solely.\nTesla's way larger size and established operations also lead to another important difference -- Tesla is, unlike Rivian, profitable and able to self-fund its operations and capital expenditures, which makes it less dependent on capital markets. Rivian will, for the foreseeable future, rely on capital markets to fund its future growth.\nWill Tesla Be Impacted By Rivian's R1T Truck?\nTesla has, in the past, grown its production volumes and revenues reliably through two growth drivers: The introduction of new models, and through increasing sales volumes for its existing models. Over the last couple of quarters, almost all of Tesla's sales stemmed from Model 3 and Model Y sales, as X and S sales took a backseat. Future growth will likely be driven by increasing sales of Tesla's 3 and Y models, but the company is also dependent on the introduction of new models to some degree. The Roadster 2 will not be a volume model, but a lot of hope rests on Tesla's Cybertruck. The Cybertruck, which was presented in 2019, will go into production towards the end of 2022, according to CEO Elon Musk. Mass production, however, is still further away, and targeted for the end of 2023, or about two years from now.\nWhen we consider the fact that Tesla has oftentimes missed its own timelines, be it robo-taxis, the Roadster 2, or others, it seems possible that the Cybertruck will be delayed further, and may not be mass-produced before 2024. This would be the case if Tesla misses current estimates by a couple of months, which wouldn't be an overly large surprise. By that time, Rivian will have produced its R1T truck for a couple of years, and others will have entered the attractive electric truck market as well. Ford, for example, is on track to bring its F-150 Lighting to the market soon, as pre-production started in September, and market entry is just a matter of months.\nThe competition from Rivian's R1T and Ford's F-150 could impact Tesla in several ways. First, the fact that the Cybertruck will be late to the market relative to competitors' products will mean that those customers that are very eager to buy an electric truck will go with Rivian or Ford, and not Tesla. Those very eager customers do likely include many that are willing to pay above-average prices, which will allow Ford and Rivian to absorb buying power that is then not available for Tesla when it brings out its Cybertruck two years later.\nOn top of that, the fact that the R1T and the F-150 Lighting will be on the roads well before the Cybertruck is available could hurt Tesla's image as a key electric truck manufacturer. Tesla has the brand advantage in EVs, generally, thanks to its first-mover advantage. But with it being late in the truck space, this first-mover advantage and the increased brand recognition could fall to Rivian and Ford instead of Tesla. As long as Rivian's and Ford's products satisfy customers (which is not guaranteed), truck buyers might build brand loyalty with Rivian and Ford, which could hurt Tesla's ability to sell its Cybertruck and future electric trucks in the long run. Once the opportunity to be a first-mover is missed, others have the advantage, similar to how Tesla has an advantage in selling electric cars today.\nLast but not least, successful launches by Rivian and Ford could also impact Tesla's stock valuation. In case both Rivian and Ford are able to scale up production well and sell large amounts of electric trucks before the Cybertruck is released, investors interested in EV stocks may start to divert away from Tesla. If Rivian is successful in rolling out an electric truck well before Tesla, some current Tesla shareholders may decide to go with Rivian instead, or to split investments between the two companies. This could, in turn, lead to lower demand for Tesla's shares and to some selling pressure, which would be a negative for TSLA stock.\nNone of these is guaranteed, and it is, of course, possible that Tesla beats its own timeline and that the Cybertruck will be made available sooner than expected. It is also possible that manufacturing problems for the R1T or the F-150 Lightning emerge, which would mean that Tesla has more time to catch up. But for now it looks like Rivian and Ford are in the leadership position in the electric truck space, and Tesla being behind its competitors naturally is a negative for the company and its stock. This could hurt demand for the Cybertruck, hurt Tesla's brand image as a technological leader and first-mover, and it could make its shares less compelling relative to those of other EV manufacturers.\nIs Tesla Stock A Buy, Sell, Or Hold?\nThe electric truck space will be large enough to allow several players to do well a couple of years from now, thus Tesla being behind with its Cybertruck does not mean that the model will not sell well. But it is still important to know whether a company will hold a 30% market share or a 20% market share, for example, five years from now. With Tesla being behind competitors, I do believe that it is not very likely that Tesla will dominate the US electric truck space the same way it dominates the US electric car space today.\nTesla will still see its volumes and revenue grow over the coming years, but growth may not be meaningful enough to justify the current valuation. Tesla is forecasted to generate revenue of $51 billion this year, $67 billion in 2022, and $83 billion in 2023:\nData by YCharts\nThis equates to a growth rate of 31% next year and 24% in 2023. Note that expected revenue growth is less than the 50% average volume growth expected by Tesla, due to the fact that current analyst models predict that Tesla may not be able to deliver on that goal, while average sales price compression could also be a headwind for revenue growth. Overall, revenue growth in the 20%-30% range is still attractive, of course, compared to legacy auto players that do not manage to grow this meaningfully.\nWith 1.12 billion diluted shares, Tesla is currently valued at $875 billion, which equates to a forward sales multiple of 17. Likewise, the sales multiples for 2022 and 2023 stand at 13 and 11, respectively. These are not only very high valuations relative to legacy auto makers, but even relative to some of the other EV players. NIO(NYSE:NIO)and XPeng(NYSE:XPEV), for example, which are growing faster than Tesla, are both valued at 6x 2022's expected revenue today, which makes for a little less than half of Tesla's valuation. Lucid(NASDAQ:LCID), which is a pretty new market entrant, and which should grow faster than Tesla on a relative basis over the coming years, is valued at 10x 2023's expected revenue, versus Tesla's 11x 2023's expected revenue. Overall, I do thus believe that Tesla's shares are too expensive at current prices. This does not at all mean that Tesla is a bad company or that the company will not generate any business growth, but valuations should always be considered. The fact that Tesla is way behind competitors in the electric truck segment is another reason, for me, to believe that Tesla's current valuation is too high -- shares are priced for perfection, and Tesla is far from being perfect, even though the company is solid for sure.\nTesla's overly high valuation versus legacy players with growing EV businesses, such as Ford or Volkswagen(OTCPK:VWAGY), and Tesla's premium valuation versus higher-growth EV peers makes me believe that shares are an avoid at current prices. Locking in gains could be a good idea for those that are long the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821918161,"gmtCreate":1633684923516,"gmtModify":1633684923640,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/821918161","repostId":"1135993400","repostType":4,"repost":{"id":"1135993400","kind":"news","pubTimestamp":1633675137,"share":"https://www.laohu8.com/m/news/1135993400?lang=zh_CN&edition=full","pubTime":"2021-10-08 14:38","market":"us","language":"en","title":"September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135993400","media":"zerohedge","summary":"After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the mo","content":"<p>After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议之前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但餐厅开放餐桌的座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSeptember Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-10-08 14:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议之前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但餐厅开放餐桌的座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135993400","content_text":"After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.\nHere is a snapshot of what to expect tomorrow:\n\nTotal Payrolls: 500K, Last 235K\nPrivate Payrolls: 450K, Last 243K\nUnemployment Rate: 5.1%, Last 5.2%\nLabor force participation rate: 61.8%, Last 61.7%\nAverage Hourly Earnings Y/Y: 4.6%, Last 4.3%\nAverage Weekly Hours: 34.7, Last 34.7\n\nAs Newsquawk writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.\nGoldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong, and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.\nLabor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.\nPOLICY: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.\nPAYROLLS:The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.\nMEASURES OF SLACK:The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.\nEARNINGS:Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.\nADP:The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure & Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"\nINITIAL JOBLESS CLAIMS:Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.\nBUSINESS SURVEYS: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.\nARGUING FOR A BETTER-THAN-EXPECTED REPORT:\n\nEnd of federal enhanced unemployment beneﬁts. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).\n\n\n\nSchool reopening. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.\n\n\n\nJob availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.\nADP.Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.\n\nARGUING FOR A WEAKER-THAN-EXPECTED REPORT:\n\nDelta variant.Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.\nEmployer surveys. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.\n\nNEUTRAL FACTORS:\n\nBig Data.High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.\nSeasonality.The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).\nJobless claims.Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.\nJob cuts.Announced layoffs reported by Challenger, Gray & Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823116942,"gmtCreate":1633597908102,"gmtModify":1633597908562,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823116942","repostId":"2173946751","repostType":4,"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823116005,"gmtCreate":1633597896063,"gmtModify":1633597896181,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823116005","repostId":"2173946751","repostType":4,"isVote":1,"tweetType":1,"viewCount":1752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823118108,"gmtCreate":1633597831693,"gmtModify":1633597831850,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823118108","repostId":"1129125427","repostType":4,"isVote":1,"tweetType":1,"viewCount":1996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823111384,"gmtCreate":1633597747865,"gmtModify":1633597748007,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823111384","repostId":"1197899038","repostType":4,"repost":{"id":"1197899038","kind":"news","pubTimestamp":1633597406,"share":"https://www.laohu8.com/m/news/1197899038?lang=zh_CN&edition=full","pubTime":"2021-10-07 17:03","market":"us","language":"en","title":"Why Bitcoin, Bitcoin Cash, and Shiba Inu Are All Skyrocketing Wednesday<blockquote>为什么比特币、比特币现金和柴犬周三都在飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197899038","media":"Motley Fool","summary":"Growing institutional adoption and investor enthusiasm are pumping these cryptos to the next level.\n","content":"<p>  <b>Growing institutional adoption and investor enthusiasm are pumping these cryptos to the next level.</b>  <b>What happened</b></p><p><blockquote><b>不断增长的机构采用和投资者热情正在将这些加密货币推向一个新的水平。</b><b>发生了什么</b></blockquote></p><p> <b>Bitcoin</b>&nbsp;(CRYPTO:BTC),<b>Bitcoin Cash</b>&nbsp;(CRYPTO:BCH), and<b>Shiba Inu</b>&nbsp;(CRYPTO:SHIB)are up 9.00%, 8.10%, and 26.67% in the past 24 hours, respectively, as of 11:25 a.m. EDT. The three are now trading at $54,656.16, $622.61, and $0.00002301 apiece, respectively. Yesterday, U.S. Bank, the fifth-largest retail bank in the country with $8.6 trillion assets under management, announced it would offer cryptocurrency custody service to investment advisors and fund managers. They will be able to store their private keys (unique passcodes) to Bitcoin, Bitcoin Cash, and&nbsp;<b>Litecoin</b>&nbsp;to their wallets safely with U.S. Bank.</p><p><blockquote><b>比特币</b>（密码：BTC），<b>比特币·卡什</b>（加密货币：BCH），以及<b>柴犬</b>截至美国东部时间上午11:25，(CRYPTO：SHIB)在过去24小时内分别上涨了9.00%、8.10%和26.67%。这三者目前的交易价格分别为54,656.16美元、622.61美元和0.00002301美元。昨天，美国。管理着8.6万亿美元资产的美国第五大零售银行Bank宣布将向投资顾问和基金经理提供加密货币托管服务。他们将能够将他们的私钥（唯一密码）存储到比特币、比特币现金和<b>莱特币</b>安全地存放在美国银行的钱包里。</blockquote></p><p> As for SHIB, investors were euphoric after<b>Tesla</b>'s CEO, Elon Musk, tweeted a picture of his shiba inu dog on top of his Tesla car three days ago. Musk had previously promoted meme cryptocurrencies, and even though the tweet wasn't directly related to SHIB, there's the expectation that Musk will tweet about SHIB in the future. That was enough to send the coin up 220.90% in the past seven days.</p><p><blockquote>至于SHIB，投资者兴奋不已<b>特斯拉</b>三天前，Elon Musk在推特上发布了一张他的柴犬放在特斯拉汽车顶上的照片。马斯克此前曾推广过模因加密货币，尽管这条推文与SHIB没有直接关系，但预计马斯克未来会发布有关SHIB的推文。这足以让该代币在过去7天内上涨220.90%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Institutional investors are rapidly piling in on the success of Bitcoin, Bitcoin Cash, and other cryptos. For example,&nbsp;<b><a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a></b>&nbsp;(NYSE:SI), a leading bank that facilitates fund transfers between cryptocurrency exchanges and financial entities (such as banks, venture capital firms, and hedge funds), processed a stunning $240 billion in transaction volume in <a href=\"https://laohu8.com/S/QTWO\">Q2</a> alone. That's more than 10 times the volume of institutional crypto-fiat transfers it processed in Q2 of last year.</p><p><blockquote>机构投资者正在迅速涌入比特币、比特币现金和其他加密货币的成功。例如，<b><a href=\"https://laohu8.com/S/SI\">银门资本</a></b>（纽约证券交易所代码：SI）是一家促进加密货币交易所和金融实体（如银行、风险投资公司和对冲基金）之间资金转移的领先银行，处理了惊人的2400亿美元交易量<a href=\"https://laohu8.com/S/QTWO\">Q2</a>单独的。这是去年第二季度处理的机构加密货币转账量的10倍多。</blockquote></p><p> But the same can't be said for Shiba Inu. It's clear that investors are in it only to make a quick buck. Its fundamental value, as measured by total value locked (TVL) on its native Shibaswap decentralized exchange, amounts to just $291 million. Meanwhile, the token's market cap has surged to nearly $10 billion.</p><p><blockquote>但柴犬就不一样了。很明显，投资者参与其中只是为了赚快钱。根据其原生Shibaswap去中心化交易所的锁定总价值(TVL)衡量，其基本价值仅为2.91亿美元。与此同时，该代币的市值已飙升至近100亿美元。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Since its inception, skeptics have said that Bitcoin and its peers are nothing more than fake internet money. But the result of all this fear and uncertainty is that cryptocurrencies aregaining tractionin every part of the world, especially among developing nations. The volume of cryptocurrency transactions has surged 706% in Central and South Asia and Oceania in the past year. Their total value amounts to a staggering $572.5 billion, or 14% of global crypto transactions. So there's never been a better time to invest in this promising sector.</p><p><blockquote>从一开始，怀疑者就说比特币和它的同行只不过是假的互联网货币。但所有这些恐惧和不确定性的结果是，加密货币正在世界各地获得牵引力，尤其是在发展中国家。过去一年，中亚、南亚和大洋洲的加密货币交易量激增了706%。它们的总价值达到惊人的5725亿美元，占全球加密交易的14%。因此，现在是投资这个充满希望的行业的最佳时机。</blockquote></p><p> But if critics are right about <a href=\"https://laohu8.com/S/AONE.U\">one</a> thing, it's that all this excessive speculation surrounding SHIB won't end well. Back in May, SHIB witnessed a similar pump and dump that sent its price down 80% in a matter of days after the spike. So now's a good time for those lucky investors to consolidate the gains and take profits.</p><p><blockquote>但如果批评者是对的<a href=\"https://laohu8.com/S/AONE.U\">一</a>问题是，围绕SHIB的所有这些过度猜测都不会有好结果。早在5月份，SHIB就经历了类似的上涨和抛售，导致其价格在飙升后的几天内下跌了80%。因此，现在是那些幸运的投资者巩固涨幅并获利了结的好时机。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bitcoin, Bitcoin Cash, and Shiba Inu Are All Skyrocketing Wednesday<blockquote>为什么比特币、比特币现金和柴犬周三都在飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Bitcoin, Bitcoin Cash, and Shiba Inu Are All Skyrocketing Wednesday<blockquote>为什么比特币、比特币现金和柴犬周三都在飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-10-07 17:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Growing institutional adoption and investor enthusiasm are pumping these cryptos to the next level.</b>  <b>What happened</b></p><p><blockquote><b>不断增长的机构采用和投资者热情正在将这些加密货币推向一个新的水平。</b><b>发生了什么</b></blockquote></p><p> <b>Bitcoin</b>&nbsp;(CRYPTO:BTC),<b>Bitcoin Cash</b>&nbsp;(CRYPTO:BCH), and<b>Shiba Inu</b>&nbsp;(CRYPTO:SHIB)are up 9.00%, 8.10%, and 26.67% in the past 24 hours, respectively, as of 11:25 a.m. EDT. The three are now trading at $54,656.16, $622.61, and $0.00002301 apiece, respectively. Yesterday, U.S. Bank, the fifth-largest retail bank in the country with $8.6 trillion assets under management, announced it would offer cryptocurrency custody service to investment advisors and fund managers. They will be able to store their private keys (unique passcodes) to Bitcoin, Bitcoin Cash, and&nbsp;<b>Litecoin</b>&nbsp;to their wallets safely with U.S. Bank.</p><p><blockquote><b>比特币</b>（密码：BTC），<b>比特币·卡什</b>（加密货币：BCH），以及<b>柴犬</b>截至美国东部时间上午11:25，(CRYPTO：SHIB)在过去24小时内分别上涨了9.00%、8.10%和26.67%。这三者目前的交易价格分别为54,656.16美元、622.61美元和0.00002301美元。昨天，美国。管理着8.6万亿美元资产的美国第五大零售银行Bank宣布将向投资顾问和基金经理提供加密货币托管服务。他们将能够将他们的私钥（唯一密码）存储到比特币、比特币现金和<b>莱特币</b>安全地存放在美国银行的钱包里。</blockquote></p><p> As for SHIB, investors were euphoric after<b>Tesla</b>'s CEO, Elon Musk, tweeted a picture of his shiba inu dog on top of his Tesla car three days ago. Musk had previously promoted meme cryptocurrencies, and even though the tweet wasn't directly related to SHIB, there's the expectation that Musk will tweet about SHIB in the future. That was enough to send the coin up 220.90% in the past seven days.</p><p><blockquote>至于SHIB，投资者兴奋不已<b>特斯拉</b>三天前，Elon Musk在推特上发布了一张他的柴犬放在特斯拉汽车顶上的照片。马斯克此前曾推广过模因加密货币，尽管这条推文与SHIB没有直接关系，但预计马斯克未来会发布有关SHIB的推文。这足以让该代币在过去7天内上涨220.90%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Institutional investors are rapidly piling in on the success of Bitcoin, Bitcoin Cash, and other cryptos. For example,&nbsp;<b><a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a></b>&nbsp;(NYSE:SI), a leading bank that facilitates fund transfers between cryptocurrency exchanges and financial entities (such as banks, venture capital firms, and hedge funds), processed a stunning $240 billion in transaction volume in <a href=\"https://laohu8.com/S/QTWO\">Q2</a> alone. That's more than 10 times the volume of institutional crypto-fiat transfers it processed in Q2 of last year.</p><p><blockquote>机构投资者正在迅速涌入比特币、比特币现金和其他加密货币的成功。例如，<b><a href=\"https://laohu8.com/S/SI\">银门资本</a></b>（纽约证券交易所代码：SI）是一家促进加密货币交易所和金融实体（如银行、风险投资公司和对冲基金）之间资金转移的领先银行，处理了惊人的2400亿美元交易量<a href=\"https://laohu8.com/S/QTWO\">Q2</a>单独的。这是去年第二季度处理的机构加密货币转账量的10倍多。</blockquote></p><p> But the same can't be said for Shiba Inu. It's clear that investors are in it only to make a quick buck. Its fundamental value, as measured by total value locked (TVL) on its native Shibaswap decentralized exchange, amounts to just $291 million. Meanwhile, the token's market cap has surged to nearly $10 billion.</p><p><blockquote>但柴犬就不一样了。很明显，投资者参与其中只是为了赚快钱。根据其原生Shibaswap去中心化交易所的锁定总价值(TVL)衡量，其基本价值仅为2.91亿美元。与此同时，该代币的市值已飙升至近100亿美元。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Since its inception, skeptics have said that Bitcoin and its peers are nothing more than fake internet money. But the result of all this fear and uncertainty is that cryptocurrencies aregaining tractionin every part of the world, especially among developing nations. The volume of cryptocurrency transactions has surged 706% in Central and South Asia and Oceania in the past year. Their total value amounts to a staggering $572.5 billion, or 14% of global crypto transactions. So there's never been a better time to invest in this promising sector.</p><p><blockquote>从一开始，怀疑者就说比特币和它的同行只不过是假的互联网货币。但所有这些恐惧和不确定性的结果是，加密货币正在世界各地获得牵引力，尤其是在发展中国家。过去一年，中亚、南亚和大洋洲的加密货币交易量激增了706%。它们的总价值达到惊人的5725亿美元，占全球加密交易的14%。因此，现在是投资这个充满希望的行业的最佳时机。</blockquote></p><p> But if critics are right about <a href=\"https://laohu8.com/S/AONE.U\">one</a> thing, it's that all this excessive speculation surrounding SHIB won't end well. Back in May, SHIB witnessed a similar pump and dump that sent its price down 80% in a matter of days after the spike. So now's a good time for those lucky investors to consolidate the gains and take profits.</p><p><blockquote>但如果批评者是对的<a href=\"https://laohu8.com/S/AONE.U\">一</a>问题是，围绕SHIB的所有这些过度猜测都不会有好结果。早在5月份，SHIB就经历了类似的上涨和抛售，导致其价格在飙升后的几天内下跌了80%。因此，现在是那些幸运的投资者巩固涨幅并获利了结的好时机。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/06/why-bitcoin-bitcoin-cash-and-shiba-inu-are-all-sky/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SI":"Shoulder Innovations, Inc."},"source_url":"https://www.fool.com/investing/2021/10/06/why-bitcoin-bitcoin-cash-and-shiba-inu-are-all-sky/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197899038","content_text":"Growing institutional adoption and investor enthusiasm are pumping these cryptos to the next level.\n\nWhat happened\nBitcoin (CRYPTO:BTC),Bitcoin Cash (CRYPTO:BCH), andShiba Inu (CRYPTO:SHIB)are up 9.00%, 8.10%, and 26.67% in the past 24 hours, respectively, as of 11:25 a.m. EDT. The three are now trading at $54,656.16, $622.61, and $0.00002301 apiece, respectively. Yesterday, U.S. Bank, the fifth-largest retail bank in the country with $8.6 trillion assets under management, announced it would offer cryptocurrency custody service to investment advisors and fund managers. They will be able to store their private keys (unique passcodes) to Bitcoin, Bitcoin Cash, and Litecoin to their wallets safely with U.S. Bank.\nAs for SHIB, investors were euphoric afterTesla's CEO, Elon Musk, tweeted a picture of his shiba inu dog on top of his Tesla car three days ago. Musk had previously promoted meme cryptocurrencies, and even though the tweet wasn't directly related to SHIB, there's the expectation that Musk will tweet about SHIB in the future. That was enough to send the coin up 220.90% in the past seven days.\nSo what\nInstitutional investors are rapidly piling in on the success of Bitcoin, Bitcoin Cash, and other cryptos. For example, Silvergate Capital (NYSE:SI), a leading bank that facilitates fund transfers between cryptocurrency exchanges and financial entities (such as banks, venture capital firms, and hedge funds), processed a stunning $240 billion in transaction volume in Q2 alone. That's more than 10 times the volume of institutional crypto-fiat transfers it processed in Q2 of last year.\nBut the same can't be said for Shiba Inu. It's clear that investors are in it only to make a quick buck. Its fundamental value, as measured by total value locked (TVL) on its native Shibaswap decentralized exchange, amounts to just $291 million. Meanwhile, the token's market cap has surged to nearly $10 billion.\nNow what\nSince its inception, skeptics have said that Bitcoin and its peers are nothing more than fake internet money. But the result of all this fear and uncertainty is that cryptocurrencies aregaining tractionin every part of the world, especially among developing nations. The volume of cryptocurrency transactions has surged 706% in Central and South Asia and Oceania in the past year. Their total value amounts to a staggering $572.5 billion, or 14% of global crypto transactions. So there's never been a better time to invest in this promising sector.\nBut if critics are right about one thing, it's that all this excessive speculation surrounding SHIB won't end well. Back in May, SHIB witnessed a similar pump and dump that sent its price down 80% in a matter of days after the spike. So now's a good time for those lucky investors to consolidate the gains and take profits.","news_type":1,"symbols_score_info":{"SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888236714,"gmtCreate":1631498217038,"gmtModify":1631889509228,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888236714","repostId":"1144568207","repostType":4,"repost":{"id":"1144568207","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631497101,"share":"https://www.laohu8.com/m/news/1144568207?lang=zh_CN&edition=full","pubTime":"2021-09-13 09:38","market":"hk","language":"en","title":"SOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144568207","media":"Tiger Newspress","summary":"SOHO CHINA shares once tumbled 40% in Hong Kong market.\nA US private equity firm has abandoned a pla","content":"<p>SOHO&nbsp;CHINA&nbsp;shares&nbsp;once&nbsp;tumbled&nbsp;40%&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;market.</p><p><blockquote>SOHO中国股价在香港市场一度暴跌40%。</blockquote></p><p> A US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.</p><p><blockquote>一家美国私募股权公司放弃了以30亿美元收购中国房地产开发商Soho中国的计划，反垄断机构尚未批准该交易。</blockquote></p><p> Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.</p><p><blockquote>黑石曾希望通过收购Soho中国来扩大其在中国的业务，Soho中国在北京等城市拥有优质房地产。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-13 09:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SOHO&nbsp;CHINA&nbsp;shares&nbsp;once&nbsp;tumbled&nbsp;40%&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;market.</p><p><blockquote>SOHO中国股价在香港市场一度暴跌40%。</blockquote></p><p> A US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.</p><p><blockquote>一家美国私募股权公司放弃了以30亿美元收购中国房地产开发商Soho中国的计划，反垄断机构尚未批准该交易。</blockquote></p><p> Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.</p><p><blockquote>黑石曾希望通过收购Soho中国来扩大其在中国的业务，Soho中国在北京等城市拥有优质房地产。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00410":"SOHO中国","BX":"黑石"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144568207","content_text":"SOHO CHINA shares once tumbled 40% in Hong Kong market.\nA US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.\nBlackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.","news_type":1,"symbols_score_info":{"00410":0.9,"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888231889,"gmtCreate":1631498105941,"gmtModify":1631889509247,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888231889","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880096983,"gmtCreate":1630996008942,"gmtModify":1631889509251,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880096983","repostId":"2165334935","repostType":4,"isVote":1,"tweetType":1,"viewCount":412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880098385,"gmtCreate":1630995909747,"gmtModify":1631889509265,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880098385","repostId":"2165880909","repostType":4,"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880091430,"gmtCreate":1630995865620,"gmtModify":1631889509280,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092954016720550","idStr":"4092954016720550"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880091430","repostId":"1147921064","repostType":4,"repost":{"id":"1147921064","kind":"news","pubTimestamp":1630992496,"share":"https://www.laohu8.com/m/news/1147921064?lang=zh_CN&edition=full","pubTime":"2021-09-07 13:28","market":"us","language":"en","title":"Microsoft, 11 Other Dividend Growth Stocks To Announce Annual Increases In October<blockquote>微软和其他11只股息增长股票将于10月份宣布年度增长</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147921064","media":"Seeking Alpha","summary":"Summary\n\nThings were mixed for dividend growth investors in August. While Nordson rewarded investors","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Things were mixed for dividend growth investors in August. While Nordson rewarded investors with a 30% boost, several other companies came in with very small increases.</li>  <li>These increases were enough to keep those companies’ growth streaks going, in hopes for better earnings growth in the future.</li>  <li>Microsoft and Accenture should announce double-digit boosts in September. Investors can expect increases from nine other long-term income growth companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12d5055e3abb83bb4f168f29e8c9f282\" tg-width=\"768\" tg-height=\"541\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>八月份股息增长投资者的情况好坏参半。虽然诺信奖励投资者30%的涨幅，但其他几家公司的涨幅非常小。</li><li>这些增长足以让这些公司保持增长势头，希望未来能够实现更好的盈利增长。</li><li>微软和埃森哲应该会在9月份宣布两位数的增长。投资者可以期待其他九家长期收入增长公司的增长。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> This is the latest in my series of articles where I provide predictions of annual dividend increases for a variety of long-term dividend growth companies. Back at the end of July, I provided predictions for 16 dividend growth companies that have historically announced annual payout increases in August. In this article I’ll look at 11 more dividend growth companies for September.</p><p><blockquote>这是我系列文章中的最新一篇，其中我为各种长期股息增长公司提供了年度股息增长预测。早在7月底，我就对16家股息增长公司进行了预测，这些公司历来在8月份宣布增加年度派息。在本文中，我将关注9月份另外11家股息增长公司。</blockquote></p><p> In addition to the companies I reviewed, insurer American Financial Group (AFG) marked its 16th year of dividend growth with a 12% increase. The annual payout of $2.24 gives the company a forward yield of 1.63%.</p><p><blockquote>除了我审查的公司之外，保险公司美国金融集团(AFG)的股息增长了12%，标志着其股息增长了第16个年头。每年派息2.24美元使该公司的远期收益率为1.63%。</blockquote></p><p> Here are the results from the August article (the original predictions are availablehere), followed by my predictions for the dividend increases that I’m expecting to be announced in September:</p><p><blockquote>以下是8月份文章的结果（原始预测可在此处获得），然后是我对预计将于9月份宣布的股息增加的预测：</blockquote></p><p> (All yields are based on stock prices at the market close on Friday, September 3rd.)</p><p><blockquote>（所有收益率均基于9月3日星期五收盘时的股价。）</blockquote></p><p> <b>Results for Dividend Increase Announcements from August</b></p><p><blockquote><b>八月份股息增加公告结果</b></blockquote></p><p> <b>BancFirst Corporation (BANF) – 28 years</b></p><p><blockquote><b>BancFirst Corporation(BANF)–28年</b></blockquote></p><p> Prediction: 10.3 – 14.7% increase to $1.50 - $1.56</p><p><blockquote>预测：增长10.3-14.7%至1.50-1.56美元</blockquote></p><p> Actual: 5.9% increase to $1.44</p><p><blockquote>实际：上涨5.9%至1.44美元</blockquote></p><p> Forward yield: 2.59%</p><p><blockquote>远期收益率：2.59%</blockquote></p><p> This is the Oklahoma-based bank’s 2nd year of 6% dividend growth.</p><p><blockquote>这是这家总部位于俄克拉荷马州的银行股息连续第二年增长6%。</blockquote></p><p> <b>Badger Meter (BMI) – 29 years</b></p><p><blockquote><b>獾计（BMI）-29岁</b></blockquote></p><p> Prediction: 9.7 – 13.9% increase to $0.79 - $0.82</p><p><blockquote>预测：增长9.7-13.9%至0.79-0.82美元</blockquote></p><p> Actual: 11.1% increase to $0.80</p><p><blockquote>实际：上涨11.1%至0.80美元</blockquote></p><p> Forward yield: 0.76%</p><p><blockquote>远期收益率：0.76%</blockquote></p><p> The flow meter designer and manufacturer returned to its normal level of dividend growth.</p><p><blockquote>这家流量计设计者和制造商的股息增长恢复到正常水平。</blockquote></p><p> <b>Broadridge Financial Solutions (BR) – 15 years</b></p><p><blockquote><b>布罗德里奇金融解决方案(BR)–15年</b></blockquote></p><p> Prediction: 13.0 – 16.5% increase to $2.60 - $2.68</p><p><blockquote>预测：上涨13.0-16.5%至2.60-2.68美元</blockquote></p><p> Actual: 11.3% increase to $2.56</p><p><blockquote>实际：上涨11.3%至2.56美元</blockquote></p><p> Forward yield: 1.50%</p><p><blockquote>远期收益率：1.50%</blockquote></p><p> I had hoped that the technology company would reward investors with a larger increase. Nevertheless, it’s another year of double-digit growth for Broadridge.</p><p><blockquote>我曾希望这家科技公司能以更大的涨幅回报投资者。尽管如此，对于布罗德里奇来说，今年又是两位数增长的一年。</blockquote></p><p> <b>Cboe Global Markets (CBOE) – 12 years</b></p><p><blockquote><b>芝加哥期权交易所全球市场(CBOE)–12年</b></blockquote></p><p> Prediction: 11.9 – 19.0% increase to $1.88 - $2.00</p><p><blockquote>预测：增长11.9-19.0%至1.88-2.00美元</blockquote></p><p> Actual: 14.3% increase to $1.92</p><p><blockquote>实际：上涨14.3%至1.92美元</blockquote></p><p> Forward yield: 1.52%</p><p><blockquote>远期收益率：1.52%</blockquote></p><p> The strong stock market is powering strong dividend growth from the operator of options markets.</p><p><blockquote>强劲的股市推动了期权市场运营商股息的强劲增长。</blockquote></p><p> <b>Carlisle Companies (CSL) – 45 years</b></p><p><blockquote><b>卡莱尔公司(CSL)–45年</b></blockquote></p><p> Prediction: 10.5 – 14.3% increase to $2.32 - $2.40</p><p><blockquote>预测：增长10.5-14.3%至2.32-2.40美元</blockquote></p><p> Actual: 2.9% increase to $2.16</p><p><blockquote>实际：上涨2.9%至2.16美元</blockquote></p><p> Forward yield: 1.04%</p><p><blockquote>远期收益率：1.04%</blockquote></p><p> Although the company’s earnings grew at double digits in the first half of the year, Carlisle’s latest increase was well below its long-term growth rate.</p><p><blockquote>尽管该公司上半年盈利以两位数增长，但卡莱尔的最新增幅远低于其长期增长率。</blockquote></p><p> <b>Dover Corporation (DOV) – 66 years</b></p><p><blockquote><b>多佛公司(DOV)–66年</b></blockquote></p><p> Prediction: 11.1 – 16.2% increase to $2.20 - $2.30</p><p><blockquote>预测：增长11.1-16.2%至2.20-2.30美元</blockquote></p><p> Actual: 1.0% increase to $2.00</p><p><blockquote>实际：上涨1.0%至2.00美元</blockquote></p><p> Forward yield: 1.14%</p><p><blockquote>远期收益率：1.14%</blockquote></p><p> Dover kept its dividend streak – one of the longest among all publicly traded companies – going with its 2nd year of 1% increases.</p><p><blockquote>多佛保持了股息连续增长——是所有上市公司中最长的股息之一——连续第二年增长1%。</blockquote></p><p> <b>Federal Realty Investment Trust (FRT) – 54 years</b></p><p><blockquote><b>联邦房地产投资信托基金(FRT)–54年</b></blockquote></p><p> Prediction: 1.9 – 3.8% increase to $4.32 - $4.40</p><p><blockquote>预测：上涨1.9-3.8%至4.32-4.40美元</blockquote></p><p> Actual: 0.9% increase to $4.28</p><p><blockquote>实际：上涨0.9%至4.28美元</blockquote></p><p> Forward yield: 3.48%</p><p><blockquote>远期收益率：3.48%</blockquote></p><p> The hit to urban real estate from the pandemic impacted Federal Realty, which focuses on regions like Washington, D.C., Boston, San Francisco, and Los Angeles.</p><p><blockquote>疫情对城市房地产的打击影响了联邦房地产公司，该公司专注于华盛顿特区、波士顿、三藩市和洛杉矶等地区。</blockquote></p><p> <b>International Flavors &amp; Fragrances (IFF) – 19 years</b></p><p><blockquote><b>国际香精香料协会(IFF)–19年</b></blockquote></p><p> Prediction: 2.6 – 3.9% increase to $3.16 - $3.20</p><p><blockquote>预测：增长2.6-3.9%至3.16-3.20美元</blockquote></p><p> Actual: 2.6% increase to $3.16</p><p><blockquote>实际：上涨2.6%至3.16美元</blockquote></p><p> Forward yield: 2.09%</p><p><blockquote>远期收益率：2.09%</blockquote></p><p> This is the 2nd year of 3% dividend growth for the specialty chemical company.</p><p><blockquote>这是这家特种化学品公司股息连续第二年增长3%。</blockquote></p><p> <b>Intuit Inc. (INTU) – 11 years</b></p><p><blockquote><b>Intuit Inc.(INTU)–11年</b></blockquote></p><p> Prediction: 11.9 – 15.3% increase to $2.64 - $2.72</p><p><blockquote>预测：增长11.9-15.3%至2.64-2.72美元</blockquote></p><p> Actual: 15.3% increase to $2.72</p><p><blockquote>实际：上涨15.3%至2.72美元</blockquote></p><p> Forward yield: 0.48%</p><p><blockquote>远期收益率：0.48%</blockquote></p><p> The financial software firm continued its history of annual double-digit payout growth.</p><p><blockquote>这家金融软件公司延续了年度两位数支出增长的历史。</blockquote></p><p> <b>Illinois Tool Works (ITW) – 47 years</b></p><p><blockquote><b>伊利诺伊工具厂(ITW)–47年</b></blockquote></p><p> Prediction: 11.4 – 14.0% increase to $5.08 - $5.20</p><p><blockquote>预测：增长11.4-14.0%至5.08-5.20美元</blockquote></p><p> Actual: 7.0% increase to $4.88</p><p><blockquote>实际：上涨7.0%至4.88美元</blockquote></p><p> Forward yield: 2.14%</p><p><blockquote>远期收益率：2.14%</blockquote></p><p> Illinois Tool’s heavy debt load held down the company’s latest dividend increase.</p><p><blockquote>伊利诺伊工具公司沉重的债务负担抑制了该公司最新的股息增加。</blockquote></p><p> <b>Altria Group (MO) – 52 years</b></p><p><blockquote><b>奥驰亚集团(MO)–52年</b></blockquote></p><p> Prediction: 1.7 – 3.5% increase to $3.50 - $3.56</p><p><blockquote>预测：上涨1.7-3.5%至3.50-3.56美元</blockquote></p><p> Actual: 4.7% increase to $3.60</p><p><blockquote>实际：上涨4.7%至3.60美元</blockquote></p><p> Forward yield: 7.06%</p><p><blockquote>远期收益率：7.06%</blockquote></p><p> Altria’s latest increase is an improvement over last year’s 2.4% boost.</p><p><blockquote>奥驰亚最新的涨幅比去年2.4%的涨幅有所改善。</blockquote></p><p> <b>Nordson Corporation (NDSN) – 58 years</b></p><p><blockquote><b>诺信公司(NDSN)–58年</b></blockquote></p><p> Prediction: 10.3 – 15.4% increase to $1.72 - $1.80</p><p><blockquote>预测：增长10.3-15.4%至1.72-1.80美元</blockquote></p><p> Actual: 30.8% increase to $2.04</p><p><blockquote>实际：上涨30.8%至2.04美元</blockquote></p><p> Forward yield: 0.84%</p><p><blockquote>远期收益率：0.84%</blockquote></p><p></p><p> Nordson’s 34% EPS growth this year powered a dividend boost that more than made up for last year’s small 3% increase.</p><p><blockquote>诺信今年每股收益增长34%，推动了股息的增长，这足以弥补去年3%的小幅增长。</blockquote></p><p> <b>Ritchie Bros. Auctioneers (RBA) – 21 years</b></p><p><blockquote><b>利氏兄弟拍卖行(RBA)–21年</b></blockquote></p><p> Prediction: 9.1 – 13.6 % increase to $0.96 - $1.00</p><p><blockquote>预测：增长9.1-13.6%至0.96-1.00美元</blockquote></p><p> Actual: 13.6% increase to $1.00</p><p><blockquote>实际：上涨13.6%至1.00美元</blockquote></p><p> Forward yield: 1.59%</p><p><blockquote>远期收益率：1.59%</blockquote></p><p> This is Ritchie Bros.’ 3rd straight year of 10%+ dividend growth.</p><p><blockquote>这是利氏兄弟。股息连续第三年增长10%以上。</blockquote></p><p> <b>Steris plc (STE) – 17 years</b></p><p><blockquote><b>Steris plc(STE)–17年</b></blockquote></p><p> Prediction: 8.8 – 12.5% increase to $1.74 - $1.80</p><p><blockquote>预测：增长8.8-12.5%至1.74-1.80美元</blockquote></p><p> Actual: 7.5% increase to $1.72</p><p><blockquote>实际：上涨7.5%至1.72美元</blockquote></p><p> Forward yield: 0.79%</p><p><blockquote>远期收益率：0.79%</blockquote></p><p> Although Steris’ earnings growth came in at nearly 10%, I overestimated what the healthcare company’s latest increase would be.</p><p><blockquote>尽管Steris的盈利增长接近10%，但我高估了这家医疗保健公司的最新增长。</blockquote></p><p> <b>Verizon Communications (VZ) – 17 years</b></p><p><blockquote><b>Verizon Communications(VZ)–17年</b></blockquote></p><p> Prediction: 3.2 – 5.2% increase to $2.59 - $2.64</p><p><blockquote>预测：增长3.2-5.2%至2.59-2.64美元</blockquote></p><p> Actual: 2.0% increase to $2.56</p><p><blockquote>实际：上涨2.0%至2.56美元</blockquote></p><p> Forward yield: 4.62%</p><p><blockquote>远期收益率：4.62%</blockquote></p><p> Verizon’s latest increase is consistent with its slow growth over the last 5 years.</p><p><blockquote>Verizon的最新增长与其过去5年的缓慢增长一致。</blockquote></p><p> <b>Westlake Chemical Corporation (WLK) – 18 years</b></p><p><blockquote><b>西湖化学公司(WLK)–18年</b></blockquote></p><p> Prediction: 7.4 – 11.1% increase to $1.16 - $1.20</p><p><blockquote>预测：增长7.4-11.1%至1.16-1.20美元</blockquote></p><p> Actual: 10.2% increase to $1.19</p><p><blockquote>实际：上涨10.2%至1.19美元</blockquote></p><p> Forward yield: 1.37%</p><p><blockquote>远期收益率：1.37%</blockquote></p><p> Westlake Chemical’s increase this year beat the company’s 5-year average growth rate of 8%.</p><p><blockquote>西湖化学今年的涨幅超过了该公司8%的5年平均增长率。</blockquote></p><p> <b>Predictions for Dividend Increases in September</b></p><p><blockquote><b>9月份股息增加的预测</b></blockquote></p><p> Here are my predictions for the 12 dividend increases I expect in September:</p><p><blockquote>以下是我对9月份12次股息增加的预测：</blockquote></p><p> <b>Accenture (ACN) – 16 years of dividend growth</b></p><p><blockquote><b>埃森哲(ACN)–16年股息增长</b></blockquote></p><p> Delivering consulting services to its customers, Accenture has grown rapidly over the last decade, compounding its dividend at more than 16% annually. The company’s dividend growth has slowed in recent years, but it still managed a 10% boost in 2020. With no debt, a payout ratio below 40%, and expected adjusted EPS growth this year of 17%, the company is poised for another year of double-digit dividend growth.</p><p><blockquote>埃森哲为客户提供咨询服务，在过去十年中发展迅速，股息复合年增长率超过16%。该公司的股息增长近年来有所放缓，但2020年仍实现了10%的增长。由于没有债务，派息率低于40%，预计今年调整后每股收益增长率为17%，该公司有望迎来又一年的两位数股息增长。</blockquote></p><p> Prediction: 11.4 – 14.8% increase to $3.92 - $4.04</p><p><blockquote>预测：增长11.4-14.8%至3.92-4.04美元</blockquote></p><p> Predicted Forward Yield: 1.14 – 1.18%</p><p><blockquote>预测远期收益率：1.14-1.18%</blockquote></p><p> <b>Brady Corporation (BRC) – 35 years</b></p><p><blockquote><b>布雷迪公司(BRC)–35年</b></blockquote></p><p> Despite the resurgence of the COVID delta variant, business is returning to normal for Brady. The company manufactures and markets labeling and identification products. Although earnings per share fell 14% in 2020, the company is projecting a return to good growth in 2021, with EPS growth since 2019 of between 5 and 9%. The question is whether this return to normal growth means a larger payout boost than last year’s 1% increase. Although the company is debt free and has a payout ratio below 40%, the company has historically grown dividends very slowly. I think investors are looking at another small increase.</p><p><blockquote>尽管新冠疫情德尔塔变异毒株死灰复燃，但Brady的业务正在恢复正常。该公司生产和销售标签和识别产品。尽管2020年每股收益下降了14%，但该公司预计2021年将恢复良好增长，自2019年以来每股收益增长在5%至9%之间。问题是，这种恢复正常增长是否意味着比去年1%的增长更大的派息增长。尽管该公司无债务且派息率低于40%，但该公司历史上股息增长非常缓慢。我认为投资者正在关注另一次小幅上涨。</blockquote></p><p> Prediction: 2.3 – 4.5% increase to $0.90 - $0.92</p><p><blockquote>预测：增长2.3-4.5%至0.90-0.92美元</blockquote></p><p> Predicted Forward Yield: 1.74 – 1.78%</p><p><blockquote>预测远期收益率：1.74-1.78%</blockquote></p><p> <b>The First of Long Island Corporation (FLIC) – 24 years</b></p><p><blockquote><b>长岛第一公司(FLIC)–24年</b></blockquote></p><p> The parent company for the First National Bank of Long Island, this regional banking company serves customers on Long Island and in New York City. After growing earnings per share by 3% in 2020, growth accelerated to 14% in the first half of 2021. This is due primarily to improving economic conditions as the pandemic recedes, which allowed the company to reduce the amount held for credit losses. Historically, the company has compounded dividends at 7% over the last decade, although the uncertainty with the resurgence of the virus will make that the most that investors can expect.</p><p><blockquote>这家地区性银行公司是长岛第一国民银行的母公司，为长岛和纽约市的客户提供服务。继2020年每股收益增长3%后，2021年上半年增长加速至14%。这主要是由于随着疫情的消退，经济状况有所改善，这使得公司能够减少信用损失持有的金额。从历史上看，该公司在过去十年中的复合股息为7%，尽管病毒卷土重来的不确定性将使这成为投资者可以预期的最高水平。</blockquote></p><p> Prediction: 3.9 – 6.6% increase to $0.79 - $0.81</p><p><blockquote>预测：增长3.9-6.6%至0.79-0.81美元</blockquote></p><p> Predicted Forward Yield: 3.83 – 3.93%</p><p><blockquote>预测远期收益率：3.83-3.93%</blockquote></p><p> <b>Honeywell International (HON) – 10 years</b></p><p><blockquote><b>霍尼韦尔国际(HON)–10年</b></blockquote></p><p> Industrial machinery company Honeywell, with business in aerospace and defense, and building and industrial control, is seeing renewed growth. The company has expanded margins and increased sales across most of its business lines, and is projecting EPS growth of between 12 and 14% for 2021. This will help the company return to its normal dividend growth of around 10% after last year’s 3% boost.</p><p><blockquote>工业机械公司霍尼韦尔的业务涉及航空航天和国防、建筑和工业控制，目前正在重新增长。该公司扩大了大部分业务线的利润率并增加了销售额，预计2021年每股收益将增长12%至14%。这将有助于该公司继去年3%的股息增长后恢复到10%左右的正常股息增长。</blockquote></p><p> Prediction: 9.1 – 11.3% increase to $4.06 - $4.14</p><p><blockquote>预测：增长9.1-11.3%至4.06-4.14美元</blockquote></p><p> Predicted Forward Yield: 1.78 – 1.81%</p><p><blockquote>预测远期收益率：1.78-1.81%</blockquote></p><p> <b>Ingredion (INGR) – 10 years</b></p><p><blockquote><b>Ingredion(INGR)–10年</b></blockquote></p><p> A drop in EPS last year forced the maker of natural food ingredients to report out a minimal dividend increase of less than 2%, well below the average growth rate of 7% over the last 5 years. The company is expecting earnings growth to return this year, with projections in a wide range between 3 and 10% for 2021. With a projected payout ratio below 50%, investors can expect a return to faster dividend growth.</p><p><blockquote>去年每股收益的下降迫使这家天然食品配料制造商公布的股息增幅最低不到2%，远低于过去5年7%的平均增长率。该公司预计今年盈利将恢复增长，2021年的预测范围在3%至10%之间。由于预计派息率低于50%，投资者可以预期股息将恢复更快增长。</blockquote></p><p> Prediction: 4.7 – 6.3% increase to $2.68 - $2.72</p><p><blockquote>预测：增长4.7-6.3%至2.68-2.72美元</blockquote></p><p> Predicted Forward Yield: 3.04 – 3.09%</p><p><blockquote>预测远期收益率：3.04-3.09%</blockquote></p><p> <b>Lockheed Martin Corporation (LMT) – 18 years</b></p><p><blockquote><b>洛克希德·马丁公司(LMT)–18年</b></blockquote></p><p></p><p> With sales growth across all four business sectors – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – Lockheed Martin produced year-over-year earnings growth in the 1st half of the year. The company has boosted its outlook for the full year and is now expecting EPS growth of 10%. Although the defense contractor has a heavy debt load, this hasn’t kept the company from quickly growing its dividend in the past. Investors should expect a boost around the 5-year growth average of 9.5%.</p><p><blockquote>随着所有四个业务领域（航空、导弹和火控、旋转和任务系统以及航天）的销售增长，洛克希德·马丁公司上半年的盈利同比增长。该公司上调了全年预期，目前预计每股收益增长10%。尽管这家国防承包商债务负担沉重，但这并没有阻止该公司过去股息的快速增长。投资者应该预计5年平均增长率将达到9.5%左右。</blockquote></p><p> Prediction: 8.7 – 11.5% increase to $11.30 - $11.60</p><p><blockquote>预测：增长8.7-11.5%至11.30-11.60美元</blockquote></p><p> Predicted Forward Yield: 3.17 – 3.26%</p><p><blockquote>预测远期收益率：3.17-3.26%</blockquote></p><p> <b>McDonald’s Corporation (MCD) – 45 years</b></p><p><blockquote><b>麦当劳公司(MCD)–45年</b></blockquote></p><p> The story of McDonald’s in 2020 is one of many restaurants during the pandemic. After a 20% drop in EPS in 2020, the company’s business has rebounded in the first half of 2021 as more people get vaccinated and they start to feel more comfortable going out. Before the emergence of the Delta variant, McDonald’s adjusted EPS had more than doubled over the first 6 months of the year. The new variant makes business uncertain for the restaurant chain; this uncertainty makes it less likely that the company will resume historical levels of dividend growth. However, it looks like McDonald’s will be able to reward investors with a larger boost than last year’s 3% increase.</p><p><blockquote>2020年麦当劳的故事是疫情期间众多餐厅之一。在2020年每股收益下降20%后，随着越来越多的人接种疫苗，他们开始更愿意外出，该公司的业务在2021年上半年出现反弹。在德尔塔变异毒株出现之前，麦当劳调整后每股收益在今年前6个月增长了一倍多。新的变体使连锁餐厅的业务变得不确定；这种不确定性使得该公司恢复历史股息增长水平的可能性较小。然而，看起来麦当劳将能够以比去年3%的涨幅更大的涨幅来回报投资者。</blockquote></p><p> Prediction: 4.3 – 5.8% increase to $5.38 - $5.46</p><p><blockquote>预测：增长4.3-5.8%至5.38-5.46美元</blockquote></p><p> Predicted Forward Yield: 2.25 – 2.29%</p><p><blockquote>预测远期收益率：2.25-2.29%</blockquote></p><p> <b>Microsoft Corporation (MSFT) – 18 years</b></p><p><blockquote><b>微软公司(MSFT)–18年</b></blockquote></p><p> Microsoft is firing on all cylinders and still growing quickly, despite a market cap of more than $2 trillion. The company recently reported double-digit revenue growth across all sectors, including MS Office products (up 20%) and Azure (up 50%). This revenue growth powered EPS growth of 40%. With little debt and a payout ratio below 30%, investors in Microsoft can expect a very nice boost this year.</p><p><blockquote>尽管市值超过2万亿美元，但微软正在全力以赴，并且仍在快速增长。该公司最近报告称，所有部门的收入都实现了两位数的增长，包括MS Office产品（增长20%）和Azure（增长50%）。这种收入增长推动每股收益增长40%。由于债务很少，派息率低于30%，微软的投资者今年可以期待一个非常好的提振。</blockquote></p><p> Prediction: 14.3 – 21.4% increase to $2.56 - $2.72</p><p><blockquote>预测：增长14.3-21.4%至2.56-2.72美元</blockquote></p><p> Predicted Forward Yield: 0.85 – 0.90%</p><p><blockquote>预测远期收益率：0.85-0.90%</blockquote></p><p> <b>New Jersey Resources (NJR) – 25 years</b></p><p><blockquote><b>新泽西资源(NJR)–25年</b></blockquote></p><p> The natural gas utility hits the quarter-century mark of dividend growth this year. New Jersey Resources has done better than expected in the first half of the year, and recently increased its full-year adjusted EPS growth guidance to between 1.4% and 6.3%. This will give NJR room for its annual increase, although investors can expect a boost below the company’s 10-year growth average of 6%.</p><p><blockquote>这家天然气公用事业公司今年的股息增长达到了四分之一个世纪以来的水平。新泽西资源公司上半年表现好于预期，近期将全年调整后每股收益增长指引上调至1.4%至6.3%之间。这将为NJR的年度增长提供空间，尽管投资者预计增幅将低于该公司6%的10年平均增长率。</blockquote></p><p> Prediction: 3.8 – 5.3% increase to $1.38 - $1.40</p><p><blockquote>预测：上涨3.8-5.3%至1.38-1.40美元</blockquote></p><p> Predicted Forward Yield: 3.67 – 3.72%</p><p><blockquote>预测远期收益率：3.67-3.72%</blockquote></p><p> <b>OGE Energy (OGE) – 14 years</b></p><p><blockquote><b>OGE能源(OGE)–14年</b></blockquote></p><p> The parent company of Oklahoma Gas &amp; Electric is looking at EPS growth of between 3 and 9% for the full fiscal year. Despite the decent growth for a “boring” utility company, OGE’s payout ratio of nearly 90% limits the company’s dividend growth going forward. Although OGE has a compounded dividend growth rate of 8% over the last decade, investors can expect an announcement of a boost similar to last year’s 4% increase.</p><p><blockquote>俄克拉荷马天然气电力公司的母公司预计整个财年每股收益将增长3%至9%。尽管对于一家“无聊”的公用事业公司来说增长不错，但OGE近90%的派息率限制了该公司未来的股息增长。尽管OGE在过去十年中的复合股息增长率为8%，但投资者可以期待宣布类似于去年4%的增长。</blockquote></p><p> Prediction: 3.1 – 5.0% increase to $1.66 - $1.69</p><p><blockquote>预测：上涨3.1-5.0%至1.66-1.69美元</blockquote></p><p> Predicted Forward Yield: 4.65 – 4.74%</p><p><blockquote>预测远期收益率：4.65-4.74%</blockquote></p><p> <b>Philip Morris International (PM) – 13 years</b></p><p><blockquote><b>菲利普莫里斯国际公司(PM)–13年</b></blockquote></p><p> The tobacco company reported 7% adjusted EPS growth in 2020 and is guiding to another 13% growth in 2021. This growth supports the company’s goal of repurchasing up to $7 billion in stock over the next 3 years. It should also support the continuing growth of the company’s dividend despite a payout ratio above 80%. The company has a 5-year growth rate of 3%; investors can expect a boost close to that level.</p><p><blockquote>该烟草公司报告2020年调整后每股收益增长7%，并预计2021年将再增长13%。这一增长支持了该公司在未来3年内回购最多70亿美元股票的目标。尽管派息率高于80%，但它还应该支持公司股息的持续增长。公司5年增长率为3%；投资者可以期待接近该水平的提振。</blockquote></p><p> Prediction: 2.9 – 4.2% increase to $4.94 - $5.00</p><p><blockquote>预测：上涨2.9-4.2%至4.94-5.00美元</blockquote></p><p> Predicted Forward Yield: 4.66 – 4.71%</p><p><blockquote>预测远期收益率：4.66-4.71%</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> August’s group of dividend stocks was a mixed bag – while there were some very nice increases for investors, many of them came in below my expectations. The big winners were investors in Nordson; they’re going to benefit from the company’s 30% boost. However, investors in Dover, Federal Realty, and Carlisle are looking at small increases to their income.</p><p><blockquote>八月份的股息股票好坏参半——虽然对投资者来说有一些非常好的涨幅，但其中许多都低于我的预期。大赢家是诺信的投资者；他们将从公司30%的涨幅中受益。然而，多佛、联邦房地产和卡莱尔的投资者正在考虑他们的收入小幅增加。</blockquote></p><p> Despite some disappointments, I am still optimistic about dividend growth through the rest of the year. Microsoft and Accenture should reward investors with double-digit percent increases, while investors in Lockheed Martin and Honeywell can look forward to percentage increases in the high single digits. Investors in utilities New Jersey Resources and OGE can also look forward to small increases.</p><p><blockquote>尽管有些令人失望，但我仍然对今年剩余时间的股息增长持乐观态度。微软和Accenture应该以两位数的百分比增长回报投资者，而Lockheed Martin和Honeywell的投资者可以期待高个位数的百分比增长。公用事业公司新泽西资源公司和OGE的投资者也可以期待小幅上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft, 11 Other Dividend Growth Stocks To Announce Annual Increases In October<blockquote>微软和其他11只股息增长股票将于10月份宣布年度增长</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft, 11 Other Dividend Growth Stocks To Announce Annual Increases In October<blockquote>微软和其他11只股息增长股票将于10月份宣布年度增长</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-07 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Things were mixed for dividend growth investors in August. While Nordson rewarded investors with a 30% boost, several other companies came in with very small increases.</li>  <li>These increases were enough to keep those companies’ growth streaks going, in hopes for better earnings growth in the future.</li>  <li>Microsoft and Accenture should announce double-digit boosts in September. Investors can expect increases from nine other long-term income growth companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12d5055e3abb83bb4f168f29e8c9f282\" tg-width=\"768\" tg-height=\"541\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>八月份股息增长投资者的情况好坏参半。虽然诺信奖励投资者30%的涨幅，但其他几家公司的涨幅非常小。</li><li>这些增长足以让这些公司保持增长势头，希望未来能够实现更好的盈利增长。</li><li>微软和埃森哲应该会在9月份宣布两位数的增长。投资者可以期待其他九家长期收入增长公司的增长。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> This is the latest in my series of articles where I provide predictions of annual dividend increases for a variety of long-term dividend growth companies. Back at the end of July, I provided predictions for 16 dividend growth companies that have historically announced annual payout increases in August. In this article I’ll look at 11 more dividend growth companies for September.</p><p><blockquote>这是我系列文章中的最新一篇，其中我为各种长期股息增长公司提供了年度股息增长预测。早在7月底，我就对16家股息增长公司进行了预测，这些公司历来在8月份宣布增加年度派息。在本文中，我将关注9月份另外11家股息增长公司。</blockquote></p><p> In addition to the companies I reviewed, insurer American Financial Group (AFG) marked its 16th year of dividend growth with a 12% increase. The annual payout of $2.24 gives the company a forward yield of 1.63%.</p><p><blockquote>除了我审查的公司之外，保险公司美国金融集团(AFG)的股息增长了12%，标志着其股息增长了第16个年头。每年派息2.24美元使该公司的远期收益率为1.63%。</blockquote></p><p> Here are the results from the August article (the original predictions are availablehere), followed by my predictions for the dividend increases that I’m expecting to be announced in September:</p><p><blockquote>以下是8月份文章的结果（原始预测可在此处获得），然后是我对预计将于9月份宣布的股息增加的预测：</blockquote></p><p> (All yields are based on stock prices at the market close on Friday, September 3rd.)</p><p><blockquote>（所有收益率均基于9月3日星期五收盘时的股价。）</blockquote></p><p> <b>Results for Dividend Increase Announcements from August</b></p><p><blockquote><b>八月份股息增加公告结果</b></blockquote></p><p> <b>BancFirst Corporation (BANF) – 28 years</b></p><p><blockquote><b>BancFirst Corporation(BANF)–28年</b></blockquote></p><p> Prediction: 10.3 – 14.7% increase to $1.50 - $1.56</p><p><blockquote>预测：增长10.3-14.7%至1.50-1.56美元</blockquote></p><p> Actual: 5.9% increase to $1.44</p><p><blockquote>实际：上涨5.9%至1.44美元</blockquote></p><p> Forward yield: 2.59%</p><p><blockquote>远期收益率：2.59%</blockquote></p><p> This is the Oklahoma-based bank’s 2nd year of 6% dividend growth.</p><p><blockquote>这是这家总部位于俄克拉荷马州的银行股息连续第二年增长6%。</blockquote></p><p> <b>Badger Meter (BMI) – 29 years</b></p><p><blockquote><b>獾计（BMI）-29岁</b></blockquote></p><p> Prediction: 9.7 – 13.9% increase to $0.79 - $0.82</p><p><blockquote>预测：增长9.7-13.9%至0.79-0.82美元</blockquote></p><p> Actual: 11.1% increase to $0.80</p><p><blockquote>实际：上涨11.1%至0.80美元</blockquote></p><p> Forward yield: 0.76%</p><p><blockquote>远期收益率：0.76%</blockquote></p><p> The flow meter designer and manufacturer returned to its normal level of dividend growth.</p><p><blockquote>这家流量计设计者和制造商的股息增长恢复到正常水平。</blockquote></p><p> <b>Broadridge Financial Solutions (BR) – 15 years</b></p><p><blockquote><b>布罗德里奇金融解决方案(BR)–15年</b></blockquote></p><p> Prediction: 13.0 – 16.5% increase to $2.60 - $2.68</p><p><blockquote>预测：上涨13.0-16.5%至2.60-2.68美元</blockquote></p><p> Actual: 11.3% increase to $2.56</p><p><blockquote>实际：上涨11.3%至2.56美元</blockquote></p><p> Forward yield: 1.50%</p><p><blockquote>远期收益率：1.50%</blockquote></p><p> I had hoped that the technology company would reward investors with a larger increase. Nevertheless, it’s another year of double-digit growth for Broadridge.</p><p><blockquote>我曾希望这家科技公司能以更大的涨幅回报投资者。尽管如此，对于布罗德里奇来说，今年又是两位数增长的一年。</blockquote></p><p> <b>Cboe Global Markets (CBOE) – 12 years</b></p><p><blockquote><b>芝加哥期权交易所全球市场(CBOE)–12年</b></blockquote></p><p> Prediction: 11.9 – 19.0% increase to $1.88 - $2.00</p><p><blockquote>预测：增长11.9-19.0%至1.88-2.00美元</blockquote></p><p> Actual: 14.3% increase to $1.92</p><p><blockquote>实际：上涨14.3%至1.92美元</blockquote></p><p> Forward yield: 1.52%</p><p><blockquote>远期收益率：1.52%</blockquote></p><p> The strong stock market is powering strong dividend growth from the operator of options markets.</p><p><blockquote>强劲的股市推动了期权市场运营商股息的强劲增长。</blockquote></p><p> <b>Carlisle Companies (CSL) – 45 years</b></p><p><blockquote><b>卡莱尔公司(CSL)–45年</b></blockquote></p><p> Prediction: 10.5 – 14.3% increase to $2.32 - $2.40</p><p><blockquote>预测：增长10.5-14.3%至2.32-2.40美元</blockquote></p><p> Actual: 2.9% increase to $2.16</p><p><blockquote>实际：上涨2.9%至2.16美元</blockquote></p><p> Forward yield: 1.04%</p><p><blockquote>远期收益率：1.04%</blockquote></p><p> Although the company’s earnings grew at double digits in the first half of the year, Carlisle’s latest increase was well below its long-term growth rate.</p><p><blockquote>尽管该公司上半年盈利以两位数增长，但卡莱尔的最新增幅远低于其长期增长率。</blockquote></p><p> <b>Dover Corporation (DOV) – 66 years</b></p><p><blockquote><b>多佛公司(DOV)–66年</b></blockquote></p><p> Prediction: 11.1 – 16.2% increase to $2.20 - $2.30</p><p><blockquote>预测：增长11.1-16.2%至2.20-2.30美元</blockquote></p><p> Actual: 1.0% increase to $2.00</p><p><blockquote>实际：上涨1.0%至2.00美元</blockquote></p><p> Forward yield: 1.14%</p><p><blockquote>远期收益率：1.14%</blockquote></p><p> Dover kept its dividend streak – one of the longest among all publicly traded companies – going with its 2nd year of 1% increases.</p><p><blockquote>多佛保持了股息连续增长——是所有上市公司中最长的股息之一——连续第二年增长1%。</blockquote></p><p> <b>Federal Realty Investment Trust (FRT) – 54 years</b></p><p><blockquote><b>联邦房地产投资信托基金(FRT)–54年</b></blockquote></p><p> Prediction: 1.9 – 3.8% increase to $4.32 - $4.40</p><p><blockquote>预测：上涨1.9-3.8%至4.32-4.40美元</blockquote></p><p> Actual: 0.9% increase to $4.28</p><p><blockquote>实际：上涨0.9%至4.28美元</blockquote></p><p> Forward yield: 3.48%</p><p><blockquote>远期收益率：3.48%</blockquote></p><p> The hit to urban real estate from the pandemic impacted Federal Realty, which focuses on regions like Washington, D.C., Boston, San Francisco, and Los Angeles.</p><p><blockquote>疫情对城市房地产的打击影响了联邦房地产公司，该公司专注于华盛顿特区、波士顿、三藩市和洛杉矶等地区。</blockquote></p><p> <b>International Flavors &amp; Fragrances (IFF) – 19 years</b></p><p><blockquote><b>国际香精香料协会(IFF)–19年</b></blockquote></p><p> Prediction: 2.6 – 3.9% increase to $3.16 - $3.20</p><p><blockquote>预测：增长2.6-3.9%至3.16-3.20美元</blockquote></p><p> Actual: 2.6% increase to $3.16</p><p><blockquote>实际：上涨2.6%至3.16美元</blockquote></p><p> Forward yield: 2.09%</p><p><blockquote>远期收益率：2.09%</blockquote></p><p> This is the 2nd year of 3% dividend growth for the specialty chemical company.</p><p><blockquote>这是这家特种化学品公司股息连续第二年增长3%。</blockquote></p><p> <b>Intuit Inc. (INTU) – 11 years</b></p><p><blockquote><b>Intuit Inc.(INTU)–11年</b></blockquote></p><p> Prediction: 11.9 – 15.3% increase to $2.64 - $2.72</p><p><blockquote>预测：增长11.9-15.3%至2.64-2.72美元</blockquote></p><p> Actual: 15.3% increase to $2.72</p><p><blockquote>实际：上涨15.3%至2.72美元</blockquote></p><p> Forward yield: 0.48%</p><p><blockquote>远期收益率：0.48%</blockquote></p><p> The financial software firm continued its history of annual double-digit payout growth.</p><p><blockquote>这家金融软件公司延续了年度两位数支出增长的历史。</blockquote></p><p> <b>Illinois Tool Works (ITW) – 47 years</b></p><p><blockquote><b>伊利诺伊工具厂(ITW)–47年</b></blockquote></p><p> Prediction: 11.4 – 14.0% increase to $5.08 - $5.20</p><p><blockquote>预测：增长11.4-14.0%至5.08-5.20美元</blockquote></p><p> Actual: 7.0% increase to $4.88</p><p><blockquote>实际：上涨7.0%至4.88美元</blockquote></p><p> Forward yield: 2.14%</p><p><blockquote>远期收益率：2.14%</blockquote></p><p> Illinois Tool’s heavy debt load held down the company’s latest dividend increase.</p><p><blockquote>伊利诺伊工具公司沉重的债务负担抑制了该公司最新的股息增加。</blockquote></p><p> <b>Altria Group (MO) – 52 years</b></p><p><blockquote><b>奥驰亚集团(MO)–52年</b></blockquote></p><p> Prediction: 1.7 – 3.5% increase to $3.50 - $3.56</p><p><blockquote>预测：上涨1.7-3.5%至3.50-3.56美元</blockquote></p><p> Actual: 4.7% increase to $3.60</p><p><blockquote>实际：上涨4.7%至3.60美元</blockquote></p><p> Forward yield: 7.06%</p><p><blockquote>远期收益率：7.06%</blockquote></p><p> Altria’s latest increase is an improvement over last year’s 2.4% boost.</p><p><blockquote>奥驰亚最新的涨幅比去年2.4%的涨幅有所改善。</blockquote></p><p> <b>Nordson Corporation (NDSN) – 58 years</b></p><p><blockquote><b>诺信公司(NDSN)–58年</b></blockquote></p><p> Prediction: 10.3 – 15.4% increase to $1.72 - $1.80</p><p><blockquote>预测：增长10.3-15.4%至1.72-1.80美元</blockquote></p><p> Actual: 30.8% increase to $2.04</p><p><blockquote>实际：上涨30.8%至2.04美元</blockquote></p><p> Forward yield: 0.84%</p><p><blockquote>远期收益率：0.84%</blockquote></p><p></p><p> Nordson’s 34% EPS growth this year powered a dividend boost that more than made up for last year’s small 3% increase.</p><p><blockquote>诺信今年每股收益增长34%，推动了股息的增长，这足以弥补去年3%的小幅增长。</blockquote></p><p> <b>Ritchie Bros. Auctioneers (RBA) – 21 years</b></p><p><blockquote><b>利氏兄弟拍卖行(RBA)–21年</b></blockquote></p><p> Prediction: 9.1 – 13.6 % increase to $0.96 - $1.00</p><p><blockquote>预测：增长9.1-13.6%至0.96-1.00美元</blockquote></p><p> Actual: 13.6% increase to $1.00</p><p><blockquote>实际：上涨13.6%至1.00美元</blockquote></p><p> Forward yield: 1.59%</p><p><blockquote>远期收益率：1.59%</blockquote></p><p> This is Ritchie Bros.’ 3rd straight year of 10%+ dividend growth.</p><p><blockquote>这是利氏兄弟。股息连续第三年增长10%以上。</blockquote></p><p> <b>Steris plc (STE) – 17 years</b></p><p><blockquote><b>Steris plc(STE)–17年</b></blockquote></p><p> Prediction: 8.8 – 12.5% increase to $1.74 - $1.80</p><p><blockquote>预测：增长8.8-12.5%至1.74-1.80美元</blockquote></p><p> Actual: 7.5% increase to $1.72</p><p><blockquote>实际：上涨7.5%至1.72美元</blockquote></p><p> Forward yield: 0.79%</p><p><blockquote>远期收益率：0.79%</blockquote></p><p> Although Steris’ earnings growth came in at nearly 10%, I overestimated what the healthcare company’s latest increase would be.</p><p><blockquote>尽管Steris的盈利增长接近10%，但我高估了这家医疗保健公司的最新增长。</blockquote></p><p> <b>Verizon Communications (VZ) – 17 years</b></p><p><blockquote><b>Verizon Communications(VZ)–17年</b></blockquote></p><p> Prediction: 3.2 – 5.2% increase to $2.59 - $2.64</p><p><blockquote>预测：增长3.2-5.2%至2.59-2.64美元</blockquote></p><p> Actual: 2.0% increase to $2.56</p><p><blockquote>实际：上涨2.0%至2.56美元</blockquote></p><p> Forward yield: 4.62%</p><p><blockquote>远期收益率：4.62%</blockquote></p><p> Verizon’s latest increase is consistent with its slow growth over the last 5 years.</p><p><blockquote>Verizon的最新增长与其过去5年的缓慢增长一致。</blockquote></p><p> <b>Westlake Chemical Corporation (WLK) – 18 years</b></p><p><blockquote><b>西湖化学公司(WLK)–18年</b></blockquote></p><p> Prediction: 7.4 – 11.1% increase to $1.16 - $1.20</p><p><blockquote>预测：增长7.4-11.1%至1.16-1.20美元</blockquote></p><p> Actual: 10.2% increase to $1.19</p><p><blockquote>实际：上涨10.2%至1.19美元</blockquote></p><p> Forward yield: 1.37%</p><p><blockquote>远期收益率：1.37%</blockquote></p><p> Westlake Chemical’s increase this year beat the company’s 5-year average growth rate of 8%.</p><p><blockquote>西湖化学今年的涨幅超过了该公司8%的5年平均增长率。</blockquote></p><p> <b>Predictions for Dividend Increases in September</b></p><p><blockquote><b>9月份股息增加的预测</b></blockquote></p><p> Here are my predictions for the 12 dividend increases I expect in September:</p><p><blockquote>以下是我对9月份12次股息增加的预测：</blockquote></p><p> <b>Accenture (ACN) – 16 years of dividend growth</b></p><p><blockquote><b>埃森哲(ACN)–16年股息增长</b></blockquote></p><p> Delivering consulting services to its customers, Accenture has grown rapidly over the last decade, compounding its dividend at more than 16% annually. The company’s dividend growth has slowed in recent years, but it still managed a 10% boost in 2020. With no debt, a payout ratio below 40%, and expected adjusted EPS growth this year of 17%, the company is poised for another year of double-digit dividend growth.</p><p><blockquote>埃森哲为客户提供咨询服务，在过去十年中发展迅速，股息复合年增长率超过16%。该公司的股息增长近年来有所放缓，但2020年仍实现了10%的增长。由于没有债务，派息率低于40%，预计今年调整后每股收益增长率为17%，该公司有望迎来又一年的两位数股息增长。</blockquote></p><p> Prediction: 11.4 – 14.8% increase to $3.92 - $4.04</p><p><blockquote>预测：增长11.4-14.8%至3.92-4.04美元</blockquote></p><p> Predicted Forward Yield: 1.14 – 1.18%</p><p><blockquote>预测远期收益率：1.14-1.18%</blockquote></p><p> <b>Brady Corporation (BRC) – 35 years</b></p><p><blockquote><b>布雷迪公司(BRC)–35年</b></blockquote></p><p> Despite the resurgence of the COVID delta variant, business is returning to normal for Brady. The company manufactures and markets labeling and identification products. Although earnings per share fell 14% in 2020, the company is projecting a return to good growth in 2021, with EPS growth since 2019 of between 5 and 9%. The question is whether this return to normal growth means a larger payout boost than last year’s 1% increase. Although the company is debt free and has a payout ratio below 40%, the company has historically grown dividends very slowly. I think investors are looking at another small increase.</p><p><blockquote>尽管新冠疫情德尔塔变异毒株死灰复燃，但Brady的业务正在恢复正常。该公司生产和销售标签和识别产品。尽管2020年每股收益下降了14%，但该公司预计2021年将恢复良好增长，自2019年以来每股收益增长在5%至9%之间。问题是，这种恢复正常增长是否意味着比去年1%的增长更大的派息增长。尽管该公司无债务且派息率低于40%，但该公司历史上股息增长非常缓慢。我认为投资者正在关注另一次小幅上涨。</blockquote></p><p> Prediction: 2.3 – 4.5% increase to $0.90 - $0.92</p><p><blockquote>预测：增长2.3-4.5%至0.90-0.92美元</blockquote></p><p> Predicted Forward Yield: 1.74 – 1.78%</p><p><blockquote>预测远期收益率：1.74-1.78%</blockquote></p><p> <b>The First of Long Island Corporation (FLIC) – 24 years</b></p><p><blockquote><b>长岛第一公司(FLIC)–24年</b></blockquote></p><p> The parent company for the First National Bank of Long Island, this regional banking company serves customers on Long Island and in New York City. After growing earnings per share by 3% in 2020, growth accelerated to 14% in the first half of 2021. This is due primarily to improving economic conditions as the pandemic recedes, which allowed the company to reduce the amount held for credit losses. Historically, the company has compounded dividends at 7% over the last decade, although the uncertainty with the resurgence of the virus will make that the most that investors can expect.</p><p><blockquote>这家地区性银行公司是长岛第一国民银行的母公司，为长岛和纽约市的客户提供服务。继2020年每股收益增长3%后，2021年上半年增长加速至14%。这主要是由于随着疫情的消退，经济状况有所改善，这使得公司能够减少信用损失持有的金额。从历史上看，该公司在过去十年中的复合股息为7%，尽管病毒卷土重来的不确定性将使这成为投资者可以预期的最高水平。</blockquote></p><p> Prediction: 3.9 – 6.6% increase to $0.79 - $0.81</p><p><blockquote>预测：增长3.9-6.6%至0.79-0.81美元</blockquote></p><p> Predicted Forward Yield: 3.83 – 3.93%</p><p><blockquote>预测远期收益率：3.83-3.93%</blockquote></p><p> <b>Honeywell International (HON) – 10 years</b></p><p><blockquote><b>霍尼韦尔国际(HON)–10年</b></blockquote></p><p> Industrial machinery company Honeywell, with business in aerospace and defense, and building and industrial control, is seeing renewed growth. The company has expanded margins and increased sales across most of its business lines, and is projecting EPS growth of between 12 and 14% for 2021. This will help the company return to its normal dividend growth of around 10% after last year’s 3% boost.</p><p><blockquote>工业机械公司霍尼韦尔的业务涉及航空航天和国防、建筑和工业控制，目前正在重新增长。该公司扩大了大部分业务线的利润率并增加了销售额，预计2021年每股收益将增长12%至14%。这将有助于该公司继去年3%的股息增长后恢复到10%左右的正常股息增长。</blockquote></p><p> Prediction: 9.1 – 11.3% increase to $4.06 - $4.14</p><p><blockquote>预测：增长9.1-11.3%至4.06-4.14美元</blockquote></p><p> Predicted Forward Yield: 1.78 – 1.81%</p><p><blockquote>预测远期收益率：1.78-1.81%</blockquote></p><p> <b>Ingredion (INGR) – 10 years</b></p><p><blockquote><b>Ingredion(INGR)–10年</b></blockquote></p><p> A drop in EPS last year forced the maker of natural food ingredients to report out a minimal dividend increase of less than 2%, well below the average growth rate of 7% over the last 5 years. The company is expecting earnings growth to return this year, with projections in a wide range between 3 and 10% for 2021. With a projected payout ratio below 50%, investors can expect a return to faster dividend growth.</p><p><blockquote>去年每股收益的下降迫使这家天然食品配料制造商公布的股息增幅最低不到2%，远低于过去5年7%的平均增长率。该公司预计今年盈利将恢复增长，2021年的预测范围在3%至10%之间。由于预计派息率低于50%，投资者可以预期股息将恢复更快增长。</blockquote></p><p> Prediction: 4.7 – 6.3% increase to $2.68 - $2.72</p><p><blockquote>预测：增长4.7-6.3%至2.68-2.72美元</blockquote></p><p> Predicted Forward Yield: 3.04 – 3.09%</p><p><blockquote>预测远期收益率：3.04-3.09%</blockquote></p><p> <b>Lockheed Martin Corporation (LMT) – 18 years</b></p><p><blockquote><b>洛克希德·马丁公司(LMT)–18年</b></blockquote></p><p></p><p> With sales growth across all four business sectors – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – Lockheed Martin produced year-over-year earnings growth in the 1st half of the year. The company has boosted its outlook for the full year and is now expecting EPS growth of 10%. Although the defense contractor has a heavy debt load, this hasn’t kept the company from quickly growing its dividend in the past. Investors should expect a boost around the 5-year growth average of 9.5%.</p><p><blockquote>随着所有四个业务领域（航空、导弹和火控、旋转和任务系统以及航天）的销售增长，洛克希德·马丁公司上半年的盈利同比增长。该公司上调了全年预期，目前预计每股收益增长10%。尽管这家国防承包商债务负担沉重，但这并没有阻止该公司过去股息的快速增长。投资者应该预计5年平均增长率将达到9.5%左右。</blockquote></p><p> Prediction: 8.7 – 11.5% increase to $11.30 - $11.60</p><p><blockquote>预测：增长8.7-11.5%至11.30-11.60美元</blockquote></p><p> Predicted Forward Yield: 3.17 – 3.26%</p><p><blockquote>预测远期收益率：3.17-3.26%</blockquote></p><p> <b>McDonald’s Corporation (MCD) – 45 years</b></p><p><blockquote><b>麦当劳公司(MCD)–45年</b></blockquote></p><p> The story of McDonald’s in 2020 is one of many restaurants during the pandemic. After a 20% drop in EPS in 2020, the company’s business has rebounded in the first half of 2021 as more people get vaccinated and they start to feel more comfortable going out. Before the emergence of the Delta variant, McDonald’s adjusted EPS had more than doubled over the first 6 months of the year. The new variant makes business uncertain for the restaurant chain; this uncertainty makes it less likely that the company will resume historical levels of dividend growth. However, it looks like McDonald’s will be able to reward investors with a larger boost than last year’s 3% increase.</p><p><blockquote>2020年麦当劳的故事是疫情期间众多餐厅之一。在2020年每股收益下降20%后，随着越来越多的人接种疫苗，他们开始更愿意外出，该公司的业务在2021年上半年出现反弹。在德尔塔变异毒株出现之前，麦当劳调整后每股收益在今年前6个月增长了一倍多。新的变体使连锁餐厅的业务变得不确定；这种不确定性使得该公司恢复历史股息增长水平的可能性较小。然而，看起来麦当劳将能够以比去年3%的涨幅更大的涨幅来回报投资者。</blockquote></p><p> Prediction: 4.3 – 5.8% increase to $5.38 - $5.46</p><p><blockquote>预测：增长4.3-5.8%至5.38-5.46美元</blockquote></p><p> Predicted Forward Yield: 2.25 – 2.29%</p><p><blockquote>预测远期收益率：2.25-2.29%</blockquote></p><p> <b>Microsoft Corporation (MSFT) – 18 years</b></p><p><blockquote><b>微软公司(MSFT)–18年</b></blockquote></p><p> Microsoft is firing on all cylinders and still growing quickly, despite a market cap of more than $2 trillion. The company recently reported double-digit revenue growth across all sectors, including MS Office products (up 20%) and Azure (up 50%). This revenue growth powered EPS growth of 40%. With little debt and a payout ratio below 30%, investors in Microsoft can expect a very nice boost this year.</p><p><blockquote>尽管市值超过2万亿美元，但微软正在全力以赴，并且仍在快速增长。该公司最近报告称，所有部门的收入都实现了两位数的增长，包括MS Office产品（增长20%）和Azure（增长50%）。这种收入增长推动每股收益增长40%。由于债务很少，派息率低于30%，微软的投资者今年可以期待一个非常好的提振。</blockquote></p><p> Prediction: 14.3 – 21.4% increase to $2.56 - $2.72</p><p><blockquote>预测：增长14.3-21.4%至2.56-2.72美元</blockquote></p><p> Predicted Forward Yield: 0.85 – 0.90%</p><p><blockquote>预测远期收益率：0.85-0.90%</blockquote></p><p> <b>New Jersey Resources (NJR) – 25 years</b></p><p><blockquote><b>新泽西资源(NJR)–25年</b></blockquote></p><p> The natural gas utility hits the quarter-century mark of dividend growth this year. New Jersey Resources has done better than expected in the first half of the year, and recently increased its full-year adjusted EPS growth guidance to between 1.4% and 6.3%. This will give NJR room for its annual increase, although investors can expect a boost below the company’s 10-year growth average of 6%.</p><p><blockquote>这家天然气公用事业公司今年的股息增长达到了四分之一个世纪以来的水平。新泽西资源公司上半年表现好于预期，近期将全年调整后每股收益增长指引上调至1.4%至6.3%之间。这将为NJR的年度增长提供空间，尽管投资者预计增幅将低于该公司6%的10年平均增长率。</blockquote></p><p> Prediction: 3.8 – 5.3% increase to $1.38 - $1.40</p><p><blockquote>预测：上涨3.8-5.3%至1.38-1.40美元</blockquote></p><p> Predicted Forward Yield: 3.67 – 3.72%</p><p><blockquote>预测远期收益率：3.67-3.72%</blockquote></p><p> <b>OGE Energy (OGE) – 14 years</b></p><p><blockquote><b>OGE能源(OGE)–14年</b></blockquote></p><p> The parent company of Oklahoma Gas &amp; Electric is looking at EPS growth of between 3 and 9% for the full fiscal year. Despite the decent growth for a “boring” utility company, OGE’s payout ratio of nearly 90% limits the company’s dividend growth going forward. Although OGE has a compounded dividend growth rate of 8% over the last decade, investors can expect an announcement of a boost similar to last year’s 4% increase.</p><p><blockquote>俄克拉荷马天然气电力公司的母公司预计整个财年每股收益将增长3%至9%。尽管对于一家“无聊”的公用事业公司来说增长不错，但OGE近90%的派息率限制了该公司未来的股息增长。尽管OGE在过去十年中的复合股息增长率为8%，但投资者可以期待宣布类似于去年4%的增长。</blockquote></p><p> Prediction: 3.1 – 5.0% increase to $1.66 - $1.69</p><p><blockquote>预测：上涨3.1-5.0%至1.66-1.69美元</blockquote></p><p> Predicted Forward Yield: 4.65 – 4.74%</p><p><blockquote>预测远期收益率：4.65-4.74%</blockquote></p><p> <b>Philip Morris International (PM) – 13 years</b></p><p><blockquote><b>菲利普莫里斯国际公司(PM)–13年</b></blockquote></p><p> The tobacco company reported 7% adjusted EPS growth in 2020 and is guiding to another 13% growth in 2021. This growth supports the company’s goal of repurchasing up to $7 billion in stock over the next 3 years. It should also support the continuing growth of the company’s dividend despite a payout ratio above 80%. The company has a 5-year growth rate of 3%; investors can expect a boost close to that level.</p><p><blockquote>该烟草公司报告2020年调整后每股收益增长7%，并预计2021年将再增长13%。这一增长支持了该公司在未来3年内回购最多70亿美元股票的目标。尽管派息率高于80%，但它还应该支持公司股息的持续增长。公司5年增长率为3%；投资者可以期待接近该水平的提振。</blockquote></p><p> Prediction: 2.9 – 4.2% increase to $4.94 - $5.00</p><p><blockquote>预测：上涨2.9-4.2%至4.94-5.00美元</blockquote></p><p> Predicted Forward Yield: 4.66 – 4.71%</p><p><blockquote>预测远期收益率：4.66-4.71%</blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> August’s group of dividend stocks was a mixed bag – while there were some very nice increases for investors, many of them came in below my expectations. The big winners were investors in Nordson; they’re going to benefit from the company’s 30% boost. However, investors in Dover, Federal Realty, and Carlisle are looking at small increases to their income.</p><p><blockquote>八月份的股息股票好坏参半——虽然对投资者来说有一些非常好的涨幅，但其中许多都低于我的预期。大赢家是诺信的投资者；他们将从公司30%的涨幅中受益。然而，多佛、联邦房地产和卡莱尔的投资者正在考虑他们的收入小幅增加。</blockquote></p><p> Despite some disappointments, I am still optimistic about dividend growth through the rest of the year. Microsoft and Accenture should reward investors with double-digit percent increases, while investors in Lockheed Martin and Honeywell can look forward to percentage increases in the high single digits. Investors in utilities New Jersey Resources and OGE can also look forward to small increases.</p><p><blockquote>尽管有些令人失望，但我仍然对今年剩余时间的股息增长持乐观态度。微软和Accenture应该以两位数的百分比增长回报投资者，而Lockheed Martin和Honeywell的投资者可以期待高个位数的百分比增长。公用事业公司新泽西资源公司和OGE的投资者也可以期待小幅上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453667-microsoft-11-other-dividend-growth-stocks-to-announce-annual-increases-in-october\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BMI":"Badger Meter","WLK":"Westlake Chemical Corp","BRC":"布雷迪","BR":"Broadridge金融解决方案","IFF":"国际香料香精","PM":"菲利普莫里斯","CBOE":"芝加哥期权交易所","RBA":"里奇兄弟拍卖","MO":"奥驰亚","ACN":"埃森哲","CSL":"卡莱尔伙伴","HON":"霍尼韦尔","NJR":"新泽西能源","LMT":"洛克希德马丁","OGE":"OGE Energy Corp","MCD":"麦当劳","ITW":"伊利诺伊机械","STE":"思泰瑞医疗","INTU":"财捷","FLIC":"第一长岛","DOV":"美国都福集团","FRT":"FRT信托","MSFT":"微软","INGR":"宜瑞安"},"source_url":"https://seekingalpha.com/article/4453667-microsoft-11-other-dividend-growth-stocks-to-announce-annual-increases-in-october","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147921064","content_text":"Summary\n\nThings were mixed for dividend growth investors in August. While Nordson rewarded investors with a 30% boost, several other companies came in with very small increases.\nThese increases were enough to keep those companies’ growth streaks going, in hopes for better earnings growth in the future.\nMicrosoft and Accenture should announce double-digit boosts in September. Investors can expect increases from nine other long-term income growth companies.\n\nJean-Luc Ichard/iStock Editorial via Getty Images\nThis is the latest in my series of articles where I provide predictions of annual dividend increases for a variety of long-term dividend growth companies. Back at the end of July, I provided predictions for 16 dividend growth companies that have historically announced annual payout increases in August. In this article I’ll look at 11 more dividend growth companies for September.\nIn addition to the companies I reviewed, insurer American Financial Group (AFG) marked its 16th year of dividend growth with a 12% increase. The annual payout of $2.24 gives the company a forward yield of 1.63%.\nHere are the results from the August article (the original predictions are availablehere), followed by my predictions for the dividend increases that I’m expecting to be announced in September:\n(All yields are based on stock prices at the market close on Friday, September 3rd.)\nResults for Dividend Increase Announcements from August\nBancFirst Corporation (BANF) – 28 years\nPrediction: 10.3 – 14.7% increase to $1.50 - $1.56\nActual: 5.9% increase to $1.44\nForward yield: 2.59%\nThis is the Oklahoma-based bank’s 2nd year of 6% dividend growth.\nBadger Meter (BMI) – 29 years\nPrediction: 9.7 – 13.9% increase to $0.79 - $0.82\nActual: 11.1% increase to $0.80\nForward yield: 0.76%\nThe flow meter designer and manufacturer returned to its normal level of dividend growth.\nBroadridge Financial Solutions (BR) – 15 years\nPrediction: 13.0 – 16.5% increase to $2.60 - $2.68\nActual: 11.3% increase to $2.56\nForward yield: 1.50%\nI had hoped that the technology company would reward investors with a larger increase. Nevertheless, it’s another year of double-digit growth for Broadridge.\nCboe Global Markets (CBOE) – 12 years\nPrediction: 11.9 – 19.0% increase to $1.88 - $2.00\nActual: 14.3% increase to $1.92\nForward yield: 1.52%\nThe strong stock market is powering strong dividend growth from the operator of options markets.\nCarlisle Companies (CSL) – 45 years\nPrediction: 10.5 – 14.3% increase to $2.32 - $2.40\nActual: 2.9% increase to $2.16\nForward yield: 1.04%\nAlthough the company’s earnings grew at double digits in the first half of the year, Carlisle’s latest increase was well below its long-term growth rate.\nDover Corporation (DOV) – 66 years\nPrediction: 11.1 – 16.2% increase to $2.20 - $2.30\nActual: 1.0% increase to $2.00\nForward yield: 1.14%\nDover kept its dividend streak – one of the longest among all publicly traded companies – going with its 2nd year of 1% increases.\nFederal Realty Investment Trust (FRT) – 54 years\nPrediction: 1.9 – 3.8% increase to $4.32 - $4.40\nActual: 0.9% increase to $4.28\nForward yield: 3.48%\nThe hit to urban real estate from the pandemic impacted Federal Realty, which focuses on regions like Washington, D.C., Boston, San Francisco, and Los Angeles.\nInternational Flavors & Fragrances (IFF) – 19 years\nPrediction: 2.6 – 3.9% increase to $3.16 - $3.20\nActual: 2.6% increase to $3.16\nForward yield: 2.09%\nThis is the 2nd year of 3% dividend growth for the specialty chemical company.\nIntuit Inc. (INTU) – 11 years\nPrediction: 11.9 – 15.3% increase to $2.64 - $2.72\nActual: 15.3% increase to $2.72\nForward yield: 0.48%\nThe financial software firm continued its history of annual double-digit payout growth.\nIllinois Tool Works (ITW) – 47 years\nPrediction: 11.4 – 14.0% increase to $5.08 - $5.20\nActual: 7.0% increase to $4.88\nForward yield: 2.14%\nIllinois Tool’s heavy debt load held down the company’s latest dividend increase.\nAltria Group (MO) – 52 years\nPrediction: 1.7 – 3.5% increase to $3.50 - $3.56\nActual: 4.7% increase to $3.60\nForward yield: 7.06%\nAltria’s latest increase is an improvement over last year’s 2.4% boost.\nNordson Corporation (NDSN) – 58 years\nPrediction: 10.3 – 15.4% increase to $1.72 - $1.80\nActual: 30.8% increase to $2.04\nForward yield: 0.84%\nNordson’s 34% EPS growth this year powered a dividend boost that more than made up for last year’s small 3% increase.\nRitchie Bros. Auctioneers (RBA) – 21 years\nPrediction: 9.1 – 13.6 % increase to $0.96 - $1.00\nActual: 13.6% increase to $1.00\nForward yield: 1.59%\nThis is Ritchie Bros.’ 3rd straight year of 10%+ dividend growth.\nSteris plc (STE) – 17 years\nPrediction: 8.8 – 12.5% increase to $1.74 - $1.80\nActual: 7.5% increase to $1.72\nForward yield: 0.79%\nAlthough Steris’ earnings growth came in at nearly 10%, I overestimated what the healthcare company’s latest increase would be.\nVerizon Communications (VZ) – 17 years\nPrediction: 3.2 – 5.2% increase to $2.59 - $2.64\nActual: 2.0% increase to $2.56\nForward yield: 4.62%\nVerizon’s latest increase is consistent with its slow growth over the last 5 years.\nWestlake Chemical Corporation (WLK) – 18 years\nPrediction: 7.4 – 11.1% increase to $1.16 - $1.20\nActual: 10.2% increase to $1.19\nForward yield: 1.37%\nWestlake Chemical’s increase this year beat the company’s 5-year average growth rate of 8%.\nPredictions for Dividend Increases in September\nHere are my predictions for the 12 dividend increases I expect in September:\nAccenture (ACN) – 16 years of dividend growth\nDelivering consulting services to its customers, Accenture has grown rapidly over the last decade, compounding its dividend at more than 16% annually. The company’s dividend growth has slowed in recent years, but it still managed a 10% boost in 2020. With no debt, a payout ratio below 40%, and expected adjusted EPS growth this year of 17%, the company is poised for another year of double-digit dividend growth.\nPrediction: 11.4 – 14.8% increase to $3.92 - $4.04\nPredicted Forward Yield: 1.14 – 1.18%\nBrady Corporation (BRC) – 35 years\nDespite the resurgence of the COVID delta variant, business is returning to normal for Brady. The company manufactures and markets labeling and identification products. Although earnings per share fell 14% in 2020, the company is projecting a return to good growth in 2021, with EPS growth since 2019 of between 5 and 9%. The question is whether this return to normal growth means a larger payout boost than last year’s 1% increase. Although the company is debt free and has a payout ratio below 40%, the company has historically grown dividends very slowly. I think investors are looking at another small increase.\nPrediction: 2.3 – 4.5% increase to $0.90 - $0.92\nPredicted Forward Yield: 1.74 – 1.78%\nThe First of Long Island Corporation (FLIC) – 24 years\nThe parent company for the First National Bank of Long Island, this regional banking company serves customers on Long Island and in New York City. After growing earnings per share by 3% in 2020, growth accelerated to 14% in the first half of 2021. This is due primarily to improving economic conditions as the pandemic recedes, which allowed the company to reduce the amount held for credit losses. Historically, the company has compounded dividends at 7% over the last decade, although the uncertainty with the resurgence of the virus will make that the most that investors can expect.\nPrediction: 3.9 – 6.6% increase to $0.79 - $0.81\nPredicted Forward Yield: 3.83 – 3.93%\nHoneywell International (HON) – 10 years\nIndustrial machinery company Honeywell, with business in aerospace and defense, and building and industrial control, is seeing renewed growth. The company has expanded margins and increased sales across most of its business lines, and is projecting EPS growth of between 12 and 14% for 2021. This will help the company return to its normal dividend growth of around 10% after last year’s 3% boost.\nPrediction: 9.1 – 11.3% increase to $4.06 - $4.14\nPredicted Forward Yield: 1.78 – 1.81%\nIngredion (INGR) – 10 years\nA drop in EPS last year forced the maker of natural food ingredients to report out a minimal dividend increase of less than 2%, well below the average growth rate of 7% over the last 5 years. The company is expecting earnings growth to return this year, with projections in a wide range between 3 and 10% for 2021. With a projected payout ratio below 50%, investors can expect a return to faster dividend growth.\nPrediction: 4.7 – 6.3% increase to $2.68 - $2.72\nPredicted Forward Yield: 3.04 – 3.09%\nLockheed Martin Corporation (LMT) – 18 years\nWith sales growth across all four business sectors – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – Lockheed Martin produced year-over-year earnings growth in the 1st half of the year. The company has boosted its outlook for the full year and is now expecting EPS growth of 10%. Although the defense contractor has a heavy debt load, this hasn’t kept the company from quickly growing its dividend in the past. Investors should expect a boost around the 5-year growth average of 9.5%.\nPrediction: 8.7 – 11.5% increase to $11.30 - $11.60\nPredicted Forward Yield: 3.17 – 3.26%\nMcDonald’s Corporation (MCD) – 45 years\nThe story of McDonald’s in 2020 is one of many restaurants during the pandemic. After a 20% drop in EPS in 2020, the company’s business has rebounded in the first half of 2021 as more people get vaccinated and they start to feel more comfortable going out. Before the emergence of the Delta variant, McDonald’s adjusted EPS had more than doubled over the first 6 months of the year. The new variant makes business uncertain for the restaurant chain; this uncertainty makes it less likely that the company will resume historical levels of dividend growth. However, it looks like McDonald’s will be able to reward investors with a larger boost than last year’s 3% increase.\nPrediction: 4.3 – 5.8% increase to $5.38 - $5.46\nPredicted Forward Yield: 2.25 – 2.29%\nMicrosoft Corporation (MSFT) – 18 years\nMicrosoft is firing on all cylinders and still growing quickly, despite a market cap of more than $2 trillion. The company recently reported double-digit revenue growth across all sectors, including MS Office products (up 20%) and Azure (up 50%). This revenue growth powered EPS growth of 40%. With little debt and a payout ratio below 30%, investors in Microsoft can expect a very nice boost this year.\nPrediction: 14.3 – 21.4% increase to $2.56 - $2.72\nPredicted Forward Yield: 0.85 – 0.90%\nNew Jersey Resources (NJR) – 25 years\nThe natural gas utility hits the quarter-century mark of dividend growth this year. New Jersey Resources has done better than expected in the first half of the year, and recently increased its full-year adjusted EPS growth guidance to between 1.4% and 6.3%. This will give NJR room for its annual increase, although investors can expect a boost below the company’s 10-year growth average of 6%.\nPrediction: 3.8 – 5.3% increase to $1.38 - $1.40\nPredicted Forward Yield: 3.67 – 3.72%\nOGE Energy (OGE) – 14 years\nThe parent company of Oklahoma Gas & Electric is looking at EPS growth of between 3 and 9% for the full fiscal year. Despite the decent growth for a “boring” utility company, OGE’s payout ratio of nearly 90% limits the company’s dividend growth going forward. Although OGE has a compounded dividend growth rate of 8% over the last decade, investors can expect an announcement of a boost similar to last year’s 4% increase.\nPrediction: 3.1 – 5.0% increase to $1.66 - $1.69\nPredicted Forward Yield: 4.65 – 4.74%\nPhilip Morris International (PM) – 13 years\nThe tobacco company reported 7% adjusted EPS growth in 2020 and is guiding to another 13% growth in 2021. This growth supports the company’s goal of repurchasing up to $7 billion in stock over the next 3 years. It should also support the continuing growth of the company’s dividend despite a payout ratio above 80%. The company has a 5-year growth rate of 3%; investors can expect a boost close to that level.\nPrediction: 2.9 – 4.2% increase to $4.94 - $5.00\nPredicted Forward Yield: 4.66 – 4.71%\nSummary\nAugust’s group of dividend stocks was a mixed bag – while there were some very nice increases for investors, many of them came in below my expectations. The big winners were investors in Nordson; they’re going to benefit from the company’s 30% boost. However, investors in Dover, Federal Realty, and Carlisle are looking at small increases to their income.\nDespite some disappointments, I am still optimistic about dividend growth through the rest of the year. Microsoft and Accenture should reward investors with double-digit percent increases, while investors in Lockheed Martin and Honeywell can look forward to percentage increases in the high single digits. 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And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议之前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但餐厅开放餐桌的座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSeptember Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-10-08 14:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议之前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但餐厅开放餐桌的座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135993400","content_text":"After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.\nHere is a snapshot of what to expect tomorrow:\n\nTotal Payrolls: 500K, Last 235K\nPrivate Payrolls: 450K, Last 243K\nUnemployment Rate: 5.1%, Last 5.2%\nLabor force participation rate: 61.8%, Last 61.7%\nAverage Hourly Earnings Y/Y: 4.6%, Last 4.3%\nAverage Weekly Hours: 34.7, Last 34.7\n\nAs Newsquawk writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.\nGoldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong, and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.\nLabor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.\nPOLICY: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.\nPAYROLLS:The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.\nMEASURES OF SLACK:The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.\nEARNINGS:Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.\nADP:The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure & Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"\nINITIAL JOBLESS CLAIMS:Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.\nBUSINESS SURVEYS: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.\nARGUING FOR A BETTER-THAN-EXPECTED REPORT:\n\nEnd of federal enhanced unemployment beneﬁts. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).\n\n\n\nSchool reopening. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.\n\n\n\nJob availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.\nADP.Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.\n\nARGUING FOR A WEAKER-THAN-EXPECTED REPORT:\n\nDelta variant.Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.\nEmployer surveys. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.\n\nNEUTRAL FACTORS:\n\nBig Data.High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.\nSeasonality.The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).\nJobless claims.Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.\nJob cuts.Announced layoffs reported by Challenger, Gray & Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 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08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街罪与罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<p><div> Does crime pay? Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p><p><blockquote><div>犯罪有报酬吗？在20世纪90年代和21世纪初占据头条新闻的最有权势的高调企业高管中，伯纳德·埃伯斯从他的同龄人中脱颖而出——身高6英尺4英寸...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街罪与罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街罪与罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-28 08:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p><p><blockquote><div>犯罪有报酬吗？在20世纪90年代和21世纪初占据头条新闻的最有权势的高调企业高管中，伯纳德·埃伯斯从他的同龄人中脱颖而出——身高6英尺4英寸...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1,"symbols_score_info":{"HRB":0.9}},"isVote":1,"tweetType":1,"viewCount":390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888236714,"gmtCreate":1631498217038,"gmtModify":1631889509228,"author":{"id":"4092954016720550","authorId":"4092954016720550","name":"Ramesh78","avatar":"https://static.tigerbbs.com/3c0c1ebc7b58a181d8b45be1ce9b944a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092954016720550","authorIdStr":"4092954016720550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888236714","repostId":"1144568207","repostType":4,"repost":{"id":"1144568207","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631497101,"share":"https://www.laohu8.com/m/news/1144568207?lang=zh_CN&edition=full","pubTime":"2021-09-13 09:38","market":"hk","language":"en","title":"SOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144568207","media":"Tiger Newspress","summary":"SOHO CHINA shares once tumbled 40% in Hong Kong market.\nA US private equity firm has abandoned a pla","content":"<p>SOHO&nbsp;CHINA&nbsp;shares&nbsp;once&nbsp;tumbled&nbsp;40%&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;market.</p><p><blockquote>SOHO中国股价在香港市场一度暴跌40%。</blockquote></p><p> A US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.</p><p><blockquote>一家美国私募股权公司放弃了以30亿美元收购中国房地产开发商Soho中国的计划，反垄断机构尚未批准该交易。</blockquote></p><p> Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.</p><p><blockquote>黑石曾希望通过收购Soho中国来扩大其在中国的业务，Soho中国在北京等城市拥有优质房地产。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSOHO CHINA shares once tumbled 40% in Hong Kong market<blockquote>SOHO中国股价在香港市场一度暴跌40%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-13 09:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SOHO&nbsp;CHINA&nbsp;shares&nbsp;once&nbsp;tumbled&nbsp;40%&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;market.</p><p><blockquote>SOHO中国股价在香港市场一度暴跌40%。</blockquote></p><p> A US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.</p><p><blockquote>一家美国私募股权公司放弃了以30亿美元收购中国房地产开发商Soho中国的计划，反垄断机构尚未批准该交易。</blockquote></p><p> Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.</p><p><blockquote>黑石曾希望通过收购Soho中国来扩大其在中国的业务，Soho中国在北京等城市拥有优质房地产。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00410":"SOHO中国","BX":"黑石"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144568207","content_text":"SOHO CHINA shares once tumbled 40% in Hong Kong market.\nA US private equity firm has abandoned a planned US$3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal.\nBlackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing.","news_type":1,"symbols_score_info":{"00410":0.9,"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}