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.