> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Summary of Document: Sunday Start | What's Next in Global Macro ## Core Content This document provides an analysis of the current state of the global macroeconomic landscape, focusing on the impact of artificial intelligence (AI) on the labor market, as well as macroeconomic outlooks and policy expectations for various countries and regions. ## AI and the Labor Market ### Main Points - **AI as the Sixth Innovation Wave**: AI is viewed as the sixth major innovation wave since the Industrial Revolution, with potential to significantly boost productivity. - **Historical Context**: Previous innovation waves (mechanization, electrification, IT revolution, etc.) caused job displacement but also created new employment opportunities, shifting the composition of work. - **Current Labor Market Data**: Despite rapid AI adoption and development, aggregate labor market indicators show minimal disruption. Employment growth, unemployment rates, job openings, and separations remain stable. - **Productivity Gains**: AI has started to show positive effects on productivity, primarily through faster output growth rather than reduced labor hours. - **Job Displacement Concerns**: While some job losses are expected, the speed of AI adoption is faster than previous waves, potentially leading to quicker job destruction than creation. - **Demand Feedback and Policy Response**: AI-driven productivity gains can support aggregate demand and consumption. If employment weakens, monetary and fiscal policies may be used to mitigate the impact. - **Uncertainty and Adaptation**: The ultimate impact of AI on the labor market is uncertain and depends on the speed of diffusion and the economy's ability to adapt. The document suggests that while productivity is likely to win in the long run, not all groups will benefit equally. ## Global Macro Outlook ### Key Events and Expectations #### **Tuesday, April 28** - **Brazil IPCA-15**: Expected to accelerate to 1.00% m-o-m due to food and energy inflation. - **Chile BCCh**: Likely to hold at 4.50% with a cautious bias. - **Japan BoJ**: Expected to remain on hold due to insufficient information to assess inflation persistence. - **Hungary Base Rate**: Likely to stay at 6.25% with a patient and cautious approach. - **US Home Prices**: Expected to slow further, with a potential reacceleration in the back-half of the year due to lower mortgage rates. #### **Wednesday, April 29** - **US Personal Income and Spending**: Real consumer spending rose 0.4% m/m in March, with a strong performance in retail sales. The saving rate fell from 4.0% to 3.3%. - **US PCE Prices**: Core PCE inflation at 0.22% m/m, with a projected increase to 3.11% y/y in March. - **US Jobless Claims**: Remain low, with new and continuing claims at or below levels from a year ago. - **US 1Q26 GDP**: Estimated to grow at a 2.4% q/q annual rate, with a 4.1% y/y increase in core PCE prices. The growth is partially offset by trade and seasonality factors. #### **Thursday, April 30** - **Japan Industrial Production**: March industrial production is expected to decrease by -0.3% m/m but rise by +2.4% y/y. - **Japan Retail Sales**: Projected to increase by +0.8% y/y in March. - **Japan Housing Starts**: Expected to decrease by -32.0% y/y in March. - **US ISM Manufacturing**: April manufacturing index at 52.9, showing resilience in output and demand, but with supply-side risks due to oil prices and geopolitical tensions. - **US Light Vehicle Sales**: Expected to decline slightly in March, with the oil shock affecting durable goods purchases. ## Policy and Market Considerations - **Monetary Policy**: Central banks are expected to maintain cautious stances, with some cutting rates (e.g., Brazil) and others holding (e.g., Japan, US, Canada). - **Fiscal Policy**: May be used to support economic activity if necessary, especially in the face of job displacement or productivity-driven changes in employment. - **Global Macroeconomic Trends**: The document emphasizes the importance of monitoring AI adoption, policy responses, and the interplay between productivity and labor market dynamics. ## Conclusion The document highlights the complex and evolving impact of AI on the labor market, suggesting that while job displacement is a concern, the overall labor market remains resilient. It also outlines macroeconomic forecasts and policy expectations for several countries, emphasizing the role of AI in shaping future economic outcomes and the need for adaptive policy responses. ```