\u5728\u653f\u5e9c\u8cc7\u6599\u767c\u5e03\u88ab\u5c01\u9396\u7684\u60c5\u6cc1\u4e0b\uff0c\u5c0d\u5c31\u696d\u5e02\u5834\u7684\u9996\u500b\u4e7e\u6de8\u8b80\u53d6\u5e36\u4f86\u9707\u76ea\uff1a\u7f8e\u570b\u79c1\u4eba\u5c31\u696d\u5728 9 \u6708\u6e1b\u5c11 32,000 \u4eba\uff0c\u70ba\u81ea 2023 \u5e74 3 \u6708\u4ee5\u4f86\u6700\u5927\u55ae\u6708\u964d\u5e45\uff0c\u4e14\u9060\u4f4e\u65bc\u539f\u5148\u9810\u671f\u589e\u52a0 45,000 \u4eba\u3002\u9031\u4e09\u767c\u5e03\u7684 ADP \u5831\u544a\u986f\u793a\uff0c\u9019\u662f\u7e7c 8 \u6708\u4fee\u8a02\u5f8c\u6e1b\u5c11 3,000 \u4eba\u4e4b\u5f8c\u7684\u7b2c\u4e8c\u500b\u6708\u9023\u964d\u3002\u5e02\u5834\u5c0d\u8a72\u6578\u64da\u53cd\u61c9\u5e73\u7a69\uff0cS&P 500 ETF Trust (SPY) \u5728\u6536\u76e4\u524d\u4e0a\u6f32 0.4%\uff0c\u6295\u8cc7\u4eba\u6b63\u5728\u8861\u91cf\u82e5\u75b2\u5f31\u6301\u7e8c\uff0c\u8f03\u8edf\u7684\u52de\u52d5\u529b\u8108\u52d5\u662f\u5426\u6703\u63d0\u9ad8\u5bec\u9b06\u653f\u7b56\u7684\u6a5f\u7387\u3002<\/p>\n
\u96a8\u8457\u83ef\u76db\u9813\u7684\u9810\u7b97\u50f5\u5c40\u95dc\u9589\u4e86\u95dc\u9375\u653f\u5e9c\u6a5f\u69cb\uff0c\u5b98\u65b9\u975e\u8fb2\u5c31\u696d\u5831\u544a\u88ab\u5ef6\u5f8c\uff0cADP \u56e0\u800c\u5f9e\u4e00\u500b\u4ea4\u53c9\u6aa2\u9a57\u8f49\u70ba\u4e3b\u8981\u6307\u5f15\u3002\u55ae\u5c31\u9019\u4e00\u9ede\u4fbf\u653e\u5927\u4e86\u539f\u672c\u6703\u88ab\u9644\u5e36\u8aaa\u660e\u7684\u6578\u64da\u6240\u9020\u6210\u7684\u5e02\u5834\u5f71\u97ff\uff1aADP \u57fa\u65bc\u5ba2\u6236\u85aa\u8cc7\u8655\u7406\u7684\u79c1\u4eba\u5c31\u696d\u8ffd\u8e64\uff0c\u4ee5\u53ca\u5176\u65b9\u6cd5\u8ad6\u5e38\u8207\u52de\u5de5\u90e8\u7684\u8abf\u67e5\u6709\u6240\u51fa\u5165\u3002\u5728\u8cc7\u6599\u771f\u7a7a\u4e2d\uff0c\u9019\u4e9b\u65b9\u6cd5\u8ad6\u5dee\u7570\u4e0d\u5982\u8d70\u5411\u65b9\u5411\u91cd\u8981\u3002\u4e5d\u6708\u7684\u65b9\u5411\u662f\u5411\u4e0b\uff0c\u800c\u4e14\u76f8\u7576\u5ee3\u6cdb\u3002<\/p>\n
\u6b64\u4e00\u4e0b\u964d\u6a6b\u6383\u5faa\u74b0\u6027\u7522\u696d\u8207\u767d\u9818\u5de5\u4f5c\u3002\u4f11\u9592\u8207\u9910\u65c5\u696d\uff0c\u4f5c\u70ba\u975e\u5fc5\u9700\u6d88\u8cbb\u652f\u51fa\u7684\u98a8\u5411\u6a19\uff0c\u96a8\u8457\u590f\u5b63\u65c5\u904a\u5b63\u9000\u6f6e\u6e1b\u5c11\u4e86 19,000 \u500b\u8077\u4f4d\u3002\u5c08\u696d\u8207\u5546\u696d\u670d\u52d9\u6e1b\u5c11 13,000 \u4eba\uff0c\u986f\u793a\u4f01\u696d\u6210\u672c\u63a7\u7ba1\u6b63\u5f9e\u66ab\u505c\u62db\u52df\u64f4\u5c55\u5230\u5be6\u969b\u88c1\u6e1b\u3002\u6279\u767c\u3001\u904b\u8f38\u8207\u516c\u5171\u4e8b\u696d\u4e0b\u6ed1 7,000 \u4eba\uff0c\u8207\u5546\u54c1\u901a\u91cf\u653e\u7de9\u76f8\u7b26\u3002\u503c\u5f97\u6ce8\u610f\u7684\u62b5\u92b7\u4f86\u81ea\u6559\u80b2\u8207\u91ab\u7642\u670d\u52d9\uff0c\u589e\u52a0 33,000 \u4eba\uff0c\u53cd\u6620\u51fa\u5c0d\u5229\u7387\u4e0d\u90a3\u9ebc\u654f\u611f\u7684\u7a69\u5065\u9700\u6c42\u3002\u8077\u4f4d\u7684\u7d44\u5408\u6697\u793a\u6d88\u8cbb\u8005\u4ecd\u5728\u6d88\u8cbb\uff0c\u4f46\u66f4\u6709\u9078\u64c7\u6027\uff1b\u4f01\u696d\u90e8\u9580\u5373\u4fbf\u5728\u7b2c\u4e8c\u5b63 GDP \u5f37\u52c1\u5f8c\uff0c\u4ecd\u4e0d\u9858\u610f\u64f4\u7de8\u982d\u6578\u3002<\/p>\n
\u300c\u5118\u7ba1\u6211\u5011\u5728\u7b2c\u4e8c\u5b63\u770b\u5230\u5f37\u52c1\u7684\u7d93\u6fdf\u6210\u9577\uff0c\u672c\u6708\u7684\u767c\u5e03\u9032\u4e00\u6b65\u9a57\u8b49\u4e86\u6211\u5011\u5728\u52de\u52d5\u5e02\u5834\u4e0a\u6240\u898b\u5230\u7684\u60c5\u6cc1\uff0c\u7f8e\u570b\u96c7\u4e3b\u5728\u62db\u52df\u4e0a\u4e00\u76f4\u63a1\u53d6\u8b39\u614e\u614b\u5ea6\uff0c\u300dADP \u9996\u5e2d\u7d93\u6fdf\u5b78\u5bb6 Nela Richardson \u8868\u793a\u3002\u9019\u7a2e\u8b39\u614e\u53ef\u898b\u65bc\u8f03\u5c11\u7684\u8077\u7f3a\u5f35\u8cbc\u3001\u66f4\u6162\u7684\u586b\u88dc\u901f\u5ea6\uff0c\u4ee5\u53ca\u670d\u52d9\u696d\u8207\u79d1\u6280\u76f8\u95dc\u8077\u4f4d\u5ef6\u9577\u7684\u62db\u8058\u9031\u671f\u3002\u5728\u9ad8\u5229\u7387\u7684\u74b0\u5883\u4e0b\uff0c\u7ba1\u7406\u968e\u5c64\u9762\u5c0d\u7684\u73fe\u5be6\u662f\uff1a\u9700\u6c42\u80fd\u898b\u5ea6\u826f\u597d\u4f46\u4e0d\u7b97\u6975\u4f73\uff0c\u5229\u6f64\u7387\u88ab\u653e\u5728\u9996\u4f4d\u52a0\u4ee5\u9632\u5b88\u3002\u5982\u679c\u4e5d\u6708\u7684\u56de\u843d\u5ef6\u7e8c\u5230\u5341\u6708\uff0c\u610f\u5473\u79c1\u4eba\u96c7\u4e3b\u5728\u9032\u5165\u5e74\u7d42\u6700\u5f8c\u4e00\u5b63\u6642\u6703\u512a\u5148\u8003\u91cf\u751f\u7522\u529b\u800c\u975e\u4eba\u4e8b\u64f4\u5f35\u3002<\/p>\n
\u5c0d Fed \u800c\u8a00\uff0c\u55ae\u4e00\u9805\u8edf\u5316\u7684\u79c1\u4eba\u5c31\u696d\u6578\u64da\u4e0d\u6703\u7d42\u7d50\u653f\u7b56\u8faf\u8ad6\uff0c\u4f46\u5b83\u6703\u5c0d\u6d3e\u5225\u9020\u6210\u5f71\u97ff\u3002\u5728\u7121\u6cd5\u5373\u6642\u53d6\u5f97\u5b98\u65b9\u5c31\u696d\u5831\u544a\u7684\u60c5\u6cc1\u4e0b\uff0c\u6bcf\u4e00\u500b\u4ee3\u7406\u6307\u6a19\u2014\u2014ADP\u3001\u6bcf\u9031\u5931\u696d\u6551\u6fdf\u7533\u8acb\u3001ISM \u5c31\u696d\u5206\u9805\u2014\u2014\u90fd\u627f\u64d4\u66f4\u5927\u5206\u91cf\u3002\u8f03\u8584\u5f31\u7684\u8058\u96c7\u80cc\u666f\u662f\u592e\u884c\u5c0b\u6c42\u78ba\u4fdd\u901a\u81a8\u5728\u53ef\u6301\u7e8c\u8def\u5f91\u4e0a\u653e\u7de9\u7684\u65b9\u5411\u6027\u4fe1\u865f\u3002\u5c01\u9396\u4e2d\u7684\u98a8\u96aa\u662f\u5c0d\u96dc\u8a0a\u53cd\u61c9\u904e\u5ea6\uff1b\u5ffd\u8996\u5b83\u7684\u98a8\u96aa\u662f\u932f\u904e\u8f49\u6298\u9ede\u3002\u6c7a\u7b56\u8005\u5c07\u4f9d\u8cf4\u9ad8\u983b\u52de\u52d5\u529b\u6307\u6a19\u8207\u4f01\u696d\u8efc\u4e8b\uff0c\u76f4\u5230\u8cc7\u6599\u4f9b\u61c9\u6062\u5fa9\u3002\u5982\u679c\u52de\u52d5\u9592\u7f6e\u6b63\u5728\u7d2f\u7a4d\uff0c\u5229\u7387\u654f\u611f\u90e8\u9580\u6703\u5f97\u5230\u5598\u606f\uff1b\u82e5\u5426\uff0cFed \u5c07\u4fdd\u6301\u8010\u5fc3\u3002<\/p>\n
\u98a8\u96aa\u504f\u597d\u4fdd\u6301\u7a69\u5065\u3002SPY \u5c0f\u5e45\u4e0a\u63da\u81f3 666.18 \u7f8e\u5143\uff0c\u4e0a\u6f32 0.395%\uff0c\u6295\u8cc7\u4eba\u5c07\u8ca0\u9762\u9a5a\u559c\u8207\u5982\u679c\u653e\u7de9\u6301\u7e8c\u53ef\u80fd\u5e36\u4f86\u7684\u8f03\u6eab\u548c\u653f\u7b56\u524d\u666f\u9032\u884c\u6b0a\u8861\u3002\u96a8\u8457\u4ea4\u6613\u54e1\u5c07\u6a5f\u7387\u5fae\u8abf\u5411\u63d0\u524d\u5bec\u9b06\uff0c\u516c\u50b5\u6b96\u5229\u7387\u8d70\u4f4e\uff0c\u800c\u9632\u79a6\u578b\u80a1\u7968\u8868\u73fe\u512a\u65bc\u5faa\u74b0\u6027\u80a1\u7968\uff0c\u986f\u793a\u6295\u8cc7\u4eba\u5c0a\u91cd\u52de\u52d5\u8a0a\u865f\u4f46\u672a\u9677\u5165\u6050\u614c\u3002\u5c0d\u4fe1\u7528\u9762\u7684\u89e3\u8b80\u66f4\u70ba\u7d30\u7dfb\uff1a\u8f03\u5f31\u7684\u8058\u96c7\u5728\u908a\u969b\u4e0a\u7565\u63d0\u9ad8\u9055\u7d04\u98a8\u96aa\uff0c\u4f46\u4e5f\u7de9\u548c\u4e86\u5229\u7387\u5e36\u4f86\u7684\u58d3\u529b\u3002\u591a\u982d\u6703\u4e3b\u5f35\uff0c\u4e00\u500b\u51b7\u537b\u7684\u5c31\u696d\u5e02\u5834\u82e5\u80fd\u6291\u5236\u901a\u81a8\u800c\u4e0d\u9020\u6210\u9700\u6c42\u5d29\u8dcc\uff0c\u5c31\u662f\u8edf\u8457\u9678\u5287\u672c\u3002\u7a7a\u982d\u5247\u6703\u6307\u51fa\u670d\u52d9\u696d\u5ee3\u6cdb\u7684\u964d\u5e45\u70ba\u65e9\u671f\u8b66\u8a0a\u3002<\/p>\n
\u5728\u7f3a\u4e4f\u52de\u5de5\u7d71\u8a08\u5c40\u5831\u544a\u7684\u60c5\u6cc1\u4e0b\uff0c\u5e02\u5834\u7684\u4e0b\u4e00\u500b\u6aa2\u67e5\u9ede\u662f\u6bcf\u9031\u521d\u9818\u5931\u696d\u6551\u6fdf\u4eba\u6578\u3001ISM \u670d\u52d9\u696d\u5c31\u696d\uff0c\u4ee5\u53ca\u5341\u6708\u7684\u4f01\u696d\u6307\u5f15\u3002\u7533\u8acb\u6578\u5c07\u986f\u793a\u5206\u96e2\uff08\u96e2\u8077\u6216\u88ab\u89e3\u96c7\uff09\u662f\u5426\u5728\u52a0\u901f\u3002ISM \u53ef\u9a57\u8b49\u5168\u570b\u4e3b\u5c0e\u7684\u670d\u52d9\u696d\u662f\u5426\u5728\u6536\u7e2e\u8058\u96c7\u610f\u9858\u3002\u8ca1\u5831\u96fb\u8a71\u6703\u8b70\u5c07\u63d0\u4f9b\u6700\u76f4\u7387\u7684\u5224\u8b80\uff1a\u57f7\u884c\u9577\u5011\u662f\u5426\u8868\u793a\u8a02\u55ae\u7ba1\u7dda\u7e2e\u8584\uff0c\u4ee5\u53ca\u8058\u96c7\u8a08\u756b\u662f\u5426\u88ab\u63a8\u5230 2026 \u5e74\u3002\u5982\u679c\u5728\u6d88\u8cbb\u7aef\u8207\u4f01\u696d\u7aef\u7684\u7ba1\u7406\u5718\u968a\u666e\u904d\u6307\u5411\u9700\u6c42\u653e\u7de9\u8207\u66f4\u7dca\u7684\u54e1\u5de5\u7de8\u5236\uff0c\u90a3\u9ebc ADP \u7684\u5931\u8aa4\u770b\u8d77\u4f86\u5c31\u8f03\u4e0d\u50cf\u566a\u97f3\uff0c\u66f4\u50cf\u8da8\u52e2\u3002<\/p>\n
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