Name: 股市暴跌！令人失望的就業報告出爐！ (Stock market falls as disappointing jobs report emerges)
Uploaded: 2026-03-07T23:04:26.000Z
Duration: 4 min 32 s

Let's see how the markets are doing right now.

Dow is down several hundred points yesterday and again today because of that weaker than expected jobs report.

由於不如預期的就業報告，道瓊斯指數昨天和今天都下跌了好幾百點。

The US unexpectedly lost 92,000 jobs in February and unemployment ticked up to 4.4%.

美國二月意外流失了 92,000 個工作崗位，失業率上升到 4.4%。

I want to bring in Wall Street Journal economics reporter Harriet Tory.

我想請到《華爾街日報》的經濟記者 Harriet Tory。

So let's talk about the sectors that were hit the hardest by the job losses.

那我們來聊聊哪些行業受到的工作崗位流失影響最大。

What are the factors driving why these industries are cutting so many jobs?

哪些因素導致這些行業流失這麼多工作？

Well, this was pretty much across the board.

I mean, we saw nearly every major sector cutting jobs in February, which was a surprise because one of the big sectors that has been really driving growth over the past year in the US Economy is health care.

我的意思是，我們看到幾乎每個主要行業在二月都裁員了，這很令人意外，因為過去一年來推動美國經濟增長的關鍵行業之一是醫療保健。

And we saw a decline in health care jobs in February.

而我們在二月看到醫療保健工作職位下降。

Now, that was maybe partly due to a strike at Kaiser Permanente Nursing.

現在，這或許部分是因為凱撒醫療集團護理部的罷工。

We did see the labor market report mentioned that there had been strike action.

我們確實看到勞動力市場報告提到有罷工行動。

但即便如此，這還是令人意外。

And there was, there was really weakness in, you know, across the board in most of the private sector, which is definitely a worrying sign.

而且，你知道的，私營部門普遍存在疲軟，這絕對是個令人擔憂的跡象。

You know, we had this strong report in January, and

你知道的，我們在一月看到一份強勁的報告，而且

I think there was a lot of hope that the labor market, that hiring might be turning a bit of a corner, you know, New year, new hiring ambitions.

我認為很多人都希望勞動力市場，招聘可能正在轉好，你知道的，新的一年，新的招聘目標。

But, you know, the February report really, really puts that into question.

但是，你知道的，二月的報告確實讓這一切都打上問號。

It is, it is, it is pretty bad across the board.

這，這，這真的全面性地變糟了。

Put it into perspective for us, Harriet, because if we were expecting job growth and then we're seeing, you know, such a big negative, what do you think happened?

Harriet，請為我們分析一下，因為如果我們原本預期工作崗位增長，結果卻看到這麼大的負值，你覺得發生了什麼事？

I mean, this, it seems like this is a week where a lot of things came together.

我的意思是，這似乎是很多事情湊在一起的一週。

Of course, we saw the, you know, the situation in Iran, pushing up oil prices, pushing up gasoline prices in the US but at the same time, you know, there are some factors that could come into play in February.

當然，我們看到伊朗的局勢推高了油價，推高了美國的汽油價格，但同時，你知道的，二月有一些可能發生的因素。

And of course, there has been a government shutdown in recent months.

當然，最近幾個月也有政府關門的情況。

我們看到了一些相當大的修正。

There is a chance that maybe weather played a role.

你知道的，一月的天氣相當溫和。

Maybe, you know, we had some harsher weather in February.

也許，你知道的，我們二月的天氣比較嚴寒。

This, this doesn't necessarily trend, but

這，這不一定是一個趨勢，但是

it definitely points to just a weak, weak hiring intentions among, among employers.

這確實顯示出僱主們的招聘意願相當疲弱。

There seems to be a great deal of uncertainty about, you know, the outlook for the economy and people.

對於經濟和人們的展望，似乎存在著很大的不確定性。

You know, of course, payroll headcount is a huge cost for most companies.

你知道的，當然，薪資人數對大多數公司來說是一筆巨大的成本。

So seems like people are just in a very hesitant hiring holding pattern.

所以看起來大家只是處於一種非常猶豫的招聘觀望狀態。

I mean, how does the war factor into all of this?

我的意思是，戰爭是如何影響這一切的？

I mean, what can we expect over the course of the next quarter, given that the President now is suggesting, and

所以，鑑於總統現在的建議，我們在接下來的這一季可以期待什麼？

I'm sure the markets are factoring this in, because this is sort of breaking news, the President suggesting that only what he calls unconditional surrender of the Iranians is what will lead to an end of the war.

我確定市場已經將此納入考量，因為這算是突發新聞，總統建議只有他所謂的伊朗無條件投降才能結束戰爭。

Well, we have no idea when that could possibly be.

嗯，我們完全不知道那可能是什麼時候。

So how does that play into what we're looking at here?

那麼，這會如何影響我們在這裡看到的呢？

I mean, of course, it is very early, early days.

我的意思是，當然，現在還非常早期。

You know, the action in Iran really only kicked off on the weekend, and today is Friday.

你知道，伊朗的行動其實是週末才開始，而今天是星期五。

So it really depends on the, you know, the duration and the magnitude of this.

所以這真的取決於，你知道，持續時間和規模。

Of course, and, you know, the impact that we might see in the US Is going to initially show up in gasoline prices.

當然，你知道，我們在美國可能看到的影響，一開始會體現在汽油價格上。

We have already seen that, you know, gasoline prices ticking higher across the nation over the course of this week.

我們已經看到，你知道，這週全國的汽油價格都在上漲。

And the concern when it comes to gasoline prices is this.

而關於汽油價格的擔憂是這樣的。

Now, of course, inflation has been the Fed's number one priority for the best part of about five years because we saw this huge inflationary surge in the aftermath of the COVID 19 pandemic.

當然，通膨一直是聯準會過去五年來最重要的優先事項，因為我們在 COVID 19 疫情後看到了巨大的通膨飆升。

You know, households really struggling with the.

With the cost of everything from rent to groceries.

And it's been a very hard few years trying to bring inflation down.

過去幾年來，試圖降低通膨非常艱難。

And, you know, the Fed hasn't even got to its target yet, but

而且，你知道，聯準會甚至還沒達到目標，但

we're already seeing, you know, this potential for higher gas prices that could feed through not only to people's pocketbooks when they're at the gas station, but, of course, if gas prices are higher, that makes it more expensive, for instance, to ship food around and trucks.

我們已經看到，你知道，這種汽油價格可能上漲的潛力，不僅會影響人們在加油站時的荷包，當然，如果汽油價格上漲，也會讓貨車運送食物的成本更高。

So you might see a filter effect in grocery prices.

所以你可能會看到雜貨價格受到影響。

You might see more expensive airline tickets.

Now, these, this could be a blip if we, you know, if we don't see a long, prolonged confrontation in Iran.

現在，這一切，如果我們，你知道，如果我們沒有在伊朗看到長期、持續的對峙，這可能只是一段小插曲。

Perhaps this is just, you know, a couple of weeks of higher gas prices and it washes out of inflation very quickly.

也許這只是一兩週的油價上漲，然後很快就會從通膨中消失。

The concern is if this news that, you know, we could see these inflation numbers start to tick up month over month, that combined with a weak labor market, that does put the Fed in a very difficult position.

令人擔憂的是，如果我們看到這些通膨數據開始逐月上升，再加上疲軟的勞動力市場，這將讓聯準會處於一個非常困難的境地。

Harriet, Tory, thank you so much for all that analysis.

Harriet，Tory，非常感謝你們的分析。

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股市暴跌！令人失望的就業報告出爐！ (Stock market falls as disappointing jobs report emerges)

perspective

struggle

pandemic

pattern