Macquarie 宏观长篇：Beyond the cycle

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       Macquarie 5 月 16 日长篇，77页。
　　Labour force growth：The US is better positioned than Europe，Japan and even China.Nonetheless，even assuming an aggressive rebound in the core working age（25-54 year old）participation rate，just ~120，000 jobs per month will be necessary to keep US unemployment stable in 2017.This pace decelerates to just ~45，000K jobs per month in 2020.The aging demographic profile means underlying US labour force growth is likely to be just ~0.4% long-term. 20170516-MACQUARIE-THE_GLOBAL_MACRO_OUTLOOK：BEYOND_THE_CYCLE-930107.pdf (2.75 MB, 需要: 3 个论坛币)

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关键词：Macquarie Beyond cycle BEY The Beyond