{"id":8062,"date":"2025-12-19T15:49:59","date_gmt":"2025-12-19T07:49:59","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8062"},"modified":"2025-12-19T15:57:50","modified_gmt":"2025-12-19T07:57:50","slug":"%e5%81%9c%e6%91%86%e5%90%8e%e9%81%97%e7%97%87%e5%bc%95%e5%8f%91-cpi-%e4%ba%89%e8%ae%ae%ef%bc%9awmax%e6%8b%86%e8%a7%a3%e7%bb%9f%e8%ae%a1%e5%81%8f%e5%b7%ae%e4%b8%8e%e8%b5%84%e4%ba%a7%e5%ae%9a%e4%bb%b7","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8062","title":{"rendered":"H\u1eadu qu\u1ea3 c\u1ee7a vi\u1ec7c ng\u1eebng ho\u1ea1t \u0111\u1ed9ng g\u00e2y ra tranh c\u00e3i v\u1ec1 CPI: Wmax lo\u1ea1i b\u1ecf \u0111\u1ed9 l\u1ec7ch th\u1ed1ng k\u00ea v\u00e0 logic \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n"},"content":{"rendered":"

D\u1eef li\u1ec7u CPI c\u1ee7a Hoa K\u1ef3 trong th\u00e1ng 11 \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 - t\u1ef7 l\u1ec7 CPI h\u00e0ng n\u0103m \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh kh\u00f4ng theo m\u00f9a l\u00e0 2,7% v\u00e0 t\u1ef7 l\u1ec7 CPI c\u01a1 b\u1ea3n h\u00e0ng n\u0103m l\u00e0 2,6%. Sau \u0111\u00f3 \u0111\u1ea1t m\u1ee9c th\u1ea5p m\u1edbi k\u1ec3 t\u1eeb th\u00e1ng 3 n\u0103m 2021, d\u01b0\u1eddng nh\u01b0 \u0111ang g\u1eedi t\u00edn hi\u1ec7u m\u1ea1nh m\u1ebd v\u1ec1 l\u1ea1m ph\u00e1t h\u1ea1 nhi\u1ec7t. Tuy nhi\u00ean, l\u00e0 m\u1ed9t t\u1ed5 ch\u1ee9c chuy\u00ean nghi\u1ec7p t\u1eeb l\u00e2u \u0111\u00e3 tham gia v\u00e0o ho\u1ea1t \u0111\u1ed9ng gi\u00e1m s\u00e1t kinh t\u1ebf, nghi\u00ean c\u1ee9u c\u01a1 ch\u1ebf th\u1ed1ng k\u00ea v\u00e0 ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u c\u1ee7a Hoa K\u1ef3, Wmax \u0111\u00e3 hi\u1ec3u r\u00f5 r\u00e0ng v\u1ec1 nh\u1eefng m\u00e2u thu\u1eabn \u0111an xen gi\u1eefa nh\u1eefng b\u1ea5t th\u01b0\u1eddng v\u1ec1 th\u1ed1ng k\u00ea v\u00e0 xu h\u01b0\u1edbng th\u1ef1c \u0111\u1eb1ng sau d\u1eef li\u1ec7u th\u00f4ng qua vi\u1ec7c ph\u00e2n t\u00edch chuy\u00ean s\u00e2u n\u1ec1n t\u1ea3ng thu th\u1eadp d\u1eef li\u1ec7u, ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p v\u1ec1 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea v\u00e0 theo d\u00f5i ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c. B\u00e1o c\u00e1o n\u00e0y, v\u1ed1n \u0111\u00e3 b\u1ecb b\u00f3p m\u00e9o nghi\u00eam tr\u1ecdng do ch\u00ednh ph\u1ee7 \u0111\u00f3ng c\u1eeda, kh\u00f4ng th\u1ec3 b\u1ecb b\u1ecf qua ho\u00e0n to\u00e0n c\u0169ng nh\u01b0 kh\u00f4ng \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn ho\u00e0n to\u00e0n. Wmax s\u1ebd \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi x\u00e1c th\u1ef1c ch\u00e9o \u0111a chi\u1ec1u v\u00e0 cung c\u1ea5p nghi\u00ean c\u1ee9u c\u0169ng nh\u01b0 ph\u00e1n \u0111o\u00e1n \u0111\u00e1ng tin c\u1eady th\u00f4ng qua nhi\u1ec5u d\u1eef li\u1ec7u.<\/p>\n

<\/a>S\u1ef1 thi\u00ean v\u1ecb ng\u1ea7m trong c\u01a1 ch\u1ebf th\u1ed1ng k\u00ea<\/strong><\/p>\n

Cu\u1ed9c \u0111i\u1ec1u tra \u0111\u1eb7c bi\u1ec7t c\u1ee7a Wmax cho th\u1ea5y d\u1eef li\u1ec7u CPI \"y\u1ebfu h\u01a1n d\u1ef1 ki\u1ebfn\" trong th\u00e1ng 11 b\u1eaft ngu\u1ed3n t\u1eeb s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a quy tr\u00ecnh th\u1ed1ng k\u00ea do ch\u00ednh ph\u1ee7 \u0111\u00f3ng c\u1eeda. Do \u1ea3nh h\u01b0\u1edfng c\u1ee7a vi\u1ec7c ng\u1eebng ho\u1ea1t \u0111\u1ed9ng, C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng kh\u00f4ng th\u1ec3 thu th\u1eadp th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 gi\u00e1 trong th\u00e1ng 10 v\u00e0 th\u1eddi gian l\u1ea5y m\u1eabu trong th\u00e1ng 11 c\u0169ng mu\u1ed9n h\u01a1n b\u00ecnh th\u01b0\u1eddng. Cu\u1ed1i c\u00f9ng, h\u1ecd bu\u1ed9c ph\u1ea3i h\u1ee7y b\u00e1o c\u00e1o CPI ri\u00eang cho th\u00e1ng 10 v\u00e0 thay v\u00e0o \u0111\u00f3 s\u1eed d\u1ee5ng \"nh\u1eefng thay \u0111\u1ed5i hai th\u00e1ng m\u1ed9t l\u1ea7n t\u1eeb th\u00e1ng 9 \u0111\u1ebfn th\u00e1ng 11\" \u0111\u1ec3 thay th\u1ebf \u01b0\u1edbc t\u00ednh t\u0103ng tr\u01b0\u1edfng h\u00e0ng th\u00e1ng. Quan tr\u1ecdng h\u01a1n, nghi\u00ean c\u1ee9u d\u00e0i h\u1ea1n c\u1ee7a Wmax v\u1ec1 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea c\u1ee7a C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng cho th\u1ea5y c\u01a1 quan n\u00e0y s\u1eed d\u1ee5ng quy tr\u00ecnh \"chuy\u1ec3n ti\u1ebfp v\u00e0 \u0111i\u1ec1n v\u00e0o\" cho ti\u1ec3u m\u1ee5c nh\u00e0 \u1edf (bao g\u1ed3m ti\u1ec1n thu\u00ea nh\u00e0, ti\u1ec1n thu\u00ea t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi ch\u1ee7 s\u1edf h\u1eefu) chi\u1ebfm 1\/3 t\u1ef7 tr\u1ecdng CPI. D\u1eef li\u1ec7u ti\u1ec1n thu\u00ea th\u00e1ng 10 n\u0103m 2025 s\u1eed d\u1ee5ng tr\u1ef1c ti\u1ebfp d\u1eef li\u1ec7u th\u00e1ng 4 n\u0103m 2025, v\u1ec1 c\u01a1 b\u1ea3n gi\u1ea3 \u0111\u1ecbnh gi\u00e1 kh\u00f4ng thay \u0111\u1ed5i trong th\u00e1ng \u0111\u00f3. Ho\u1ea1t \u0111\u1ed9ng n\u00e0y g\u00e2y \u00e1p l\u1ef1c gi\u1ea3m \u0111\u00e1ng k\u1ec3 l\u00ean ch\u1ec9 s\u1ed1 CPI c\u01a1 b\u1ea3n.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20251219_145501\"<\/p>\n

T\u00ednh to\u00e1n sai l\u1ec7ch th\u1ed1ng k\u00ea c\u1ee7a Wmax ph\u1ea3n \u00e1nh quan \u0111i\u1ec3m c\u1ee7a nhi\u1ec1u nh\u00e0 kinh t\u1ebf: UBS \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng d\u1eef li\u1ec7u c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m 27 \u0111i\u1ec3m c\u01a1 b\u1ea3n. N\u1ebfu lo\u1ea1i tr\u1eeb hi\u1ec7u \u1ee9ng n\u00e0y, t\u1ef7 l\u1ec7 CPI c\u01a1 b\u1ea3n th\u1ef1c t\u1ebf h\u00e0ng n\u0103m s\u1ebd \u1edf m\u1ee9c g\u1ea7n 3,0%; \"L\u1eddi n\u00f3i kh\u00f4ng th\u1ecfa \u0111\u00e1ng\" c\u1ee7a TD Securities v\u00e0 nh\u1eadn x\u00e9t \"\u0111\u1ea7y l\u1ed7 h\u1ed5ng\" c\u1ee7a Ernst & Young-Parthenon ch\u1ec9 x\u00e1c nh\u1eadn m\u1ed1i lo ng\u1ea1i c\u1ee7a Wmax v\u1ec1 t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a d\u1eef li\u1ec7u. Ph\u00e2n t\u00edch s\u00e2u h\u01a1n c\u00e1c ti\u1ec3u m\u1ee5c c\u1ed1t l\u00f5i, Wmax nh\u1eadn th\u1ea5y r\u1eb1ng nh\u1eefng \u0111i\u1ec3m b\u1ea5t th\u01b0\u1eddng trong danh m\u1ee5c nh\u00e0 \u1edf \u0111\u1eb7c bi\u1ec7t n\u1ed5i b\u1eadt: trong v\u00f2ng hai th\u00e1ng, gi\u00e1 thu\u00ea ch\u00ednh trung b\u00ecnh ch\u1ec9 t\u0103ng 0,06% v\u00e0 gi\u00e1 thu\u00ea t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu t\u0103ng trung b\u00ecnh 0,14%. \u0110\u00e2y l\u00e0 m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t nghi\u00eam tr\u1ecdng so v\u1edbi xu h\u01b0\u1edbng nh\u00e0 \u1edf l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh g\u00e2y ra l\u1ea1m ph\u00e1t trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y v\u00e0 ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd th\u00f4ng qua nh\u1eefng sai s\u00f3t c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea. \u0110\u1ed3ng th\u1eddi, Wmax l\u01b0u \u00fd r\u1eb1ng C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng \u0111\u00e3 c\u1ea3nh b\u00e1o tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o r\u1eb1ng \"khi d\u1eef li\u1ec7u hai th\u00e1ng bi\u1ebfn \u0111\u1ed9ng l\u1edbn, \u0111\u1ed9 tin c\u1eady v\u00e0o \u01b0\u1edbc t\u00ednh th\u00e1ng b\u1ecb thi\u1ebfu s\u1ebd gi\u1ea3m \u0111i.\" C\u01a1 ch\u1ebf l\u1ea5y m\u1eabu ti\u1ec1n thu\u00ea lu\u00e2n phi\u00ean s\u00e1u th\u00e1ng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn d\u1eef li\u1ec7u sai s\u00f3t trong th\u00e1ng 10 v\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n cho \u0111\u1ebfn th\u00e1ng 4 n\u0103m sau, \u0111i\u1ec1u n\u00e0y s\u1ebd c\u00f3 t\u00e1c \u0111\u1ed9ng l\u00e2u d\u00e0i \u0111\u1ebfn ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t h\u00e0ng n\u0103m.<\/p>\n

<\/a>Logic li\u00ean k\u1ebft \u0111\u1ec3 theo d\u00f5i th\u1eddi gian th\u1ef1c<\/strong><\/p>\n

Sau khi d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh cho th\u1ea5y ph\u1ea3n \u1ee9ng li\u00ean k\u1ebft r\u00f5 r\u00e0ng v\u00e0 h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t th\u1eddi gian th\u1ef1c Wmax \u0111\u00e3 n\u1eafm b\u1eaft ch\u00ednh x\u00e1c nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u1ed1t l\u00f5i: ch\u1ec9 s\u1ed1 \u0111\u00f4 la M\u1ef9 gi\u1ea3m 22 \u0111i\u1ec3m trong ng\u1eafn h\u1ea1n, ch\u1ea1m m\u1ee9c th\u1ea5p nh\u1ea5t l\u00e0 98,20, \u0111\u00e2y l\u00e0 \u0111i\u1ec3m m\u1ea5u ch\u1ed1t g\u1ea7n \u0111\u00e2y. m\u1ee9c h\u1ed7 tr\u1ee3 ch\u00ednh; v\u00e0ng giao ngay t\u0103ng 16 USD trong ng\u1eafn h\u1ea1n, \u0111\u1ea1t m\u1ee9c t\u1ed1i \u0111a 4337,81 USD\/ounce, n\u00eau b\u1eadt nhu c\u1ea7u v\u1ec1 n\u01a1i tr\u00fa \u1ea9n an to\u00e0n v\u00e0 ch\u1ed1ng l\u1ea1m ph\u00e1t; C\u00e1c \u0111\u1ed3ng ti\u1ec1n kh\u00f4ng ph\u1ea3i c\u1ee7a M\u1ef9 nh\u00ecn chung \u0111\u1ec1u t\u0103ng, trong \u0111\u00f3 \u0111\u1ed3ng euro t\u0103ng g\u1ea7n 30 \u0111i\u1ec3m so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 gi\u1ea3m g\u1ea7n 40 \u0111i\u1ec3m so v\u1edbi \u0111\u1ed3ng y\u00ean Nh\u1eadt xu\u1ed1ng 155,34. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 tr\u00e1i phi\u1ebfu ph\u1ea3n \u1ee9ng \u0111\u1ed3ng th\u1eddi, v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n M\u1ef9 t\u0103ng v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu kho b\u1ea1c t\u0103ng, ph\u1ea3n \u00e1nh k\u1ef3 v\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng.<\/p>\n

<\/p>\n

V\u1ec1 k\u1ef3 v\u1ecdng ch\u00ednh s\u00e1ch, Wmax \u0111\u00e3 t\u00ednh to\u00e1n th\u00f4ng qua d\u1eef li\u1ec7u t\u01b0\u01a1ng lai l\u00e3i su\u1ea5t qu\u1ef9 li\u00ean bang v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng x\u00e1c su\u1ea5t C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong th\u00e1ng 1 \u0111\u00e3 t\u0103ng t\u1eeb 26,6% l\u00ean 28,8%. Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 t\u0103ng k\u1ef3 v\u1ecdng n\u1edbi l\u1ecfng th\u00eam 3 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o cu\u1ed1i n\u0103m 2026 v\u00e0 ph\u1ea1m vi n\u1edbi l\u1ecfng d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd \u0111\u1ea1t 62 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong su\u1ed1t c\u1ea3 n\u0103m. Thay \u0111\u1ed5i d\u1ef1 ki\u1ebfn \u200b\u200bn\u00e0y nh\u1ea5t qu\u00e1n v\u1edbi ngu\u1ed3n g\u1ed1c t\u1eeb m\u00f4 h\u00ecnh nh\u1ea1y c\u1ea3m v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a Wmax - d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t th\u1ea5p cung c\u1ea5p cho C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u00f4n h\u00f2a b\u1eb1ng ch\u1ee9ng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. N\u1ebfu d\u1eef li\u1ec7u kinh t\u1ebf th\u00e1ng 12 y\u1ebfu, kh\u1ea3 n\u0103ng n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch s\u1ebd t\u0103ng th\u00eam. \u0110\u1ed3ng th\u1eddi, Wmax nh\u1eadn th\u1ea5y r\u1eb1ng d\u1ef1 \u0111o\u00e1n \"th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng d\u1ed1c l\u00ean tr\u00ean \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t\" do chi\u1ebfn l\u01b0\u1ee3c gia l\u00e3i su\u1ea5t Ira Jersey \u0111\u01b0a ra ph\u00f9 h\u1ee3p v\u1edbi k\u1ebft lu\u1eadn c\u1ee7a ch\u00ednh h\u1ecd v\u1ec1 vi\u1ec7c theo d\u00f5i d\u00f2ng v\u1ed1n th\u1ecb tr\u01b0\u1eddng. C\u00e1c qu\u1ef9 ng\u1eafn h\u1ea1n d\u1ea7n d\u1ea7n nghi\u00eang v\u1ec1 tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n sau khi \u0111\u00f3ng c\u00e1c v\u1ecb th\u1ebf.<\/p>\n

<\/a>Nghi\u00ean c\u1ee9u v\u00e0 nh\u1eadn \u0111\u1ecbnh bi\u1ec7n ch\u1ee9ng v\u1ec1 xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t v\u00e0 li\u00ean k\u1ebft kinh t\u1ebf<\/strong><\/p>\n

V\u1ec1 b\u1ea3n ch\u1ea5t c\u1ee7a d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t, Wmax kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n ph\u00e2n lo\u1ea1i n\u00f3 l\u00e0 \"b\u1ea5t th\u01b0\u1eddng th\u1ed1ng k\u00ea\" hay \"suy gi\u1ea3m th\u1ef1c s\u1ef1\", m\u00e0 h\u00ecnh th\u00e0nh m\u1ed9t c\u00e1i nh\u00ecn bi\u1ec7n ch\u1ee9ng th\u00f4ng qua x\u00e1c th\u1ef1c ch\u00e9o c\u00e1c ch\u1ec9 s\u1ed1 \u0111a chi\u1ec1u: m\u1ed9t m\u1eb7t, c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ed9c l\u1eadp nh\u01b0 chi ph\u00ed thu\u00ea v\u00e0 gi\u00e1 xe c\u0169 ph\u00f9 h\u1ee3p v\u1edbi nh\u1eadn \u0111\u1ecbnh r\u1eb1ng \"c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t truy\u1ec1n th\u1ed1ng \u0111ang suy gi\u1ea3m\" v\u00e0 \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i hi\u1ec7n t\u1ea1i c\u1ee7a l\u1ea1m ph\u00e1t n\u1eb1m trong r\u1ed5 CPI. T\u1ef7 l\u1ec7 b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 kh\u00f4ng th\u1ec3 lo\u1ea1i tr\u1eeb kh\u1ea3 n\u0103ng xu h\u01b0\u1edbng gi\u1ea3m l\u1ea1m ph\u00e1t ra ngo\u00e0i ; m\u1eb7t kh\u00e1c, t\u00ecnh tr\u1ea1ng l\u1ea1m ph\u00e1t tr\u00ec tr\u1ec7 \u0111\u1ed9t ng\u1ed9t nh\u01b0 v\u1eady - \u0111\u1eb7c bi\u1ec7t l\u00e0 trong c\u00e1c ph\u00e2n ng\u00e0nh c\u00f4ng nghi\u1ec7p d\u1ecbch v\u1ee5 b\u1ec1n v\u1eefng nh\u01b0 nh\u00e0 \u1edf, l\u00e0 c\u1ef1c k\u1ef3 hi\u1ebfm khi kh\u00f4ng c\u00f3 suy tho\u00e1i kinh t\u1ebf. \u0110i\u1ec1u n\u00e0y c\u1ed9ng h\u01b0\u1edfng v\u1edbi quan \u0111i\u1ec3m th\u1eadn tr\u1ecdng c\u1ee7a Capital Economics. Wmax cho r\u1eb1ng c\u1ea7n ph\u1ea3i \u0111\u1ee3i d\u1eef li\u1ec7u CPI th\u00e1ng 12 \u0111\u1ec3 x\u00e1c minh t\u00ednh x\u00e1c th\u1ef1c c\u1ee7a xu h\u01b0\u1edbng. D\u1eef li\u1ec7u \u0111\u1ed3ng b\u1ed9 v\u1ec1 th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m cung c\u1ea5p s\u1ef1 b\u1ed5 sung quan tr\u1ecdng cho vi\u1ec7c nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1. S\u1ed1 \u0111\u01a1n xin tr\u1ee3 c\u1ea5p th\u1ea5t nghi\u1ec7p ban \u0111\u1ea7u \u1edf Hoa K\u1ef3 do Wmax theo d\u00f5i trong tu\u1ea7n t\u00ednh \u0111\u1ebfn ng\u00e0y 13 th\u00e1ng 12 l\u00e0 224.000, th\u1ea5p h\u01a1n m\u1ee9c d\u1ef1 ki\u1ebfn \u200b\u200bl\u00e0 225.000, \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng t\u0103ng v\u1ecdt trong tu\u1ea7n tr\u01b0\u1edbc v\u00e0 cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u1eabn \u1ed5n \u0111\u1ecbnh trong th\u00e1ng 12.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20251219_145904\"<\/p>\n

K\u1ebft h\u1ee3p v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m kh\u00e1c bi\u1ec7t c\u1ee7a d\u1eef li\u1ec7u phi n\u00f4ng nghi\u1ec7p tr\u01b0\u1edbc \u0111\u00f3, Wmax \u0111\u00e3 ph\u00e2n t\u00edch r\u1eb1ng th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng hi\u1ec7n t\u1ea1i \u0111ang \u1edf tr\u1ea1ng th\u00e1i \u1ed5n \u0111\u1ecbnh khi \"c\u00e1c nh\u00e0 tuy\u1ec3n d\u1ee5ng th\u1eadn tr\u1ecdng trong vi\u1ec7c tuy\u1ec3n d\u1ee5ng nh\u01b0ng kh\u00f4ng sa th\u1ea3i\" - m\u1eb7c d\u00f9 vi\u1ec7c tuy\u1ec3n d\u1ee5ng c\u1ee7a c\u00f4ng ty \u0111\u00e3 gi\u1ea3m do t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a Trump nh\u01b0ng kh\u00f4ng c\u00f3 t\u00ecnh tr\u1ea1ng sa th\u1ea3i quy m\u00f4 l\u1edbn. T\u00ecnh tr\u1ea1ng n\u00e0y ph\u1ea3n \u00e1nh d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t nh\u1eb9 v\u00e0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh t\u00edn hi\u1ec7u k\u1ebft h\u1ee3p quan tr\u1ecdng \u0111\u1ec3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang xem x\u00e9t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. \u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 Wmax \u0111\u1ed3ng \u00fd v\u1edbi quan \u0111i\u1ec3m c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c gia kinh t\u1ebf tr\u01b0\u1edfng c\u1ee7a Annex Wealth Management l\u00e0 \"b\u1ea1n t\u1ef1 ch\u1ecbu r\u1ee7i ro khi b\u1ecf qua d\u1eef li\u1ec7u n\u00e0y\", nh\u01b0ng \u0111\u1ed3ng th\u1eddi nh\u1ea5n m\u1ea1nh s\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i c\u1ea3nh gi\u00e1c v\u1edbi s\u1ef1 can thi\u1ec7p c\u1ee7a sai l\u1ec7ch th\u1ed1ng k\u00ea. Th\u00f4ng qua m\u00f4 h\u00ecnh theo d\u00f5i m\u1ee5c ph\u1ee5 l\u1ea1m ph\u00e1t c\u1ee7a ri\u00eang m\u00ecnh, Wmax nh\u1eadn th\u1ea5y r\u1eb1ng khi CPI \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 12, c\u00f3 kh\u1ea3 n\u0103ng cao l\u00e0 nh\u1eefng thay \u0111\u1ed5i h\u00e0ng th\u00e1ng trong danh m\u1ee5c nh\u00e0 \u1edf s\u1ebd tr\u1ea3i qua \"s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh ph\u1ee5c h\u1ed3i\". M\u1eb7c d\u00f9 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m v\u1eabn c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c l\u1ed7i th\u1ed1ng k\u00ea ban \u0111\u1ea7u nh\u01b0ng n\u00f3 s\u1ebd cung c\u1ea5p c\u01a1 s\u1edf quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t th\u1ef1c s\u1ef1.<\/p>\n

<\/a>Theo d\u00f5i v\u00e0 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 t\u01b0\u01a1ng lai<\/strong><\/p>\n

\u201c\u0110i\u1ec3m y\u1ebfu kh\u00f4ng ng\u1edd\u201d c\u1ee7a s\u1ed1 li\u1ec7u CPI th\u00e1ng 11 c\u1ee7a M\u1ef9 th\u1ef1c ch\u1ea5t l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 ch\u1ed3ng ch\u1ea5t nh\u1eefng sai s\u00f3t trong c\u01a1 ch\u1ebf th\u1ed1ng k\u00ea v\u00e0 di\u1ec5n bi\u1ebfn c\u1ee7a xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t. Wmax d\u1ef1a v\u00e0o s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea, gi\u00e1m s\u00e1t th\u1eddi gian th\u1ef1c c\u00e1c m\u1ed1i li\u00ean k\u1ebft th\u1ecb tr\u01b0\u1eddng v\u00e0 x\u00e1c th\u1ef1c ch\u00e9o c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf \u0111\u1ec3 th\u00e2m nh\u1eadp v\u00e0o s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a nhi\u1ec5u d\u1eef li\u1ec7u: trong ng\u1eafn h\u1ea1n, t\u00e1c \u0111\u1ed9ng c\u1ee7a sai l\u1ec7ch d\u1eef li\u1ec7u tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 d\u1ea7n xu\u1ea5t hi\u1ec7n v\u00e0 k\u1ef3 v\u1ecdng n\u1edbi l\u1ecfng ng\u00e0y c\u00e0ng t\u0103ng s\u1ebd chi ph\u1ed1i vi\u1ec7c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n g\u1ea7n \u0111\u00e2y; v\u1ec1 l\u00e2u d\u00e0i, xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t th\u1ef1c s\u1ef1 v\u00e0 \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u1eabn c\u1ea7n d\u1ef1a v\u00e0o vi\u1ec7c x\u00e1c minh c\u00e1c d\u1eef li\u1ec7u quan tr\u1ecdng nh\u01b0 CPI th\u00e1ng 12 v\u00e0 d\u1eef li\u1ec7u phi n\u00f4ng nghi\u1ec7p. S\u1ef1 m\u00e2u thu\u1eabn gi\u1eefa tr\u1ea1ng th\u00e1i \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t, s\u1ef1 \u0111an xen c\u1ee7a nh\u1eefng b\u1ea5t th\u01b0\u1eddng v\u1ec1 th\u1ed1ng k\u00ea v\u00e0 nh\u1eefng thay \u0111\u1ed5i v\u1ec1 xu h\u01b0\u1edbng t\u1ea1o th\u00e0nh \u0111i\u1ec3m tr\u00f2 ch\u01a1i c\u1ed1t l\u00f5i c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9 hi\u1ec7n t\u1ea1i. Wmax s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh d\u1eef li\u1ec7u th\u00e1ng 12, c\u00e1c \u0111i\u1ec1u ch\u1ec9nh ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea c\u1ee7a C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng v\u00e0 xu h\u01b0\u1edbng ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang. Th\u00f4ng qua vi\u1ec7c suy lu\u1eadn m\u00f4 h\u00ecnh chuy\u00ean nghi\u1ec7p v\u00e0 gi\u00e1m s\u00e1t d\u1eef li\u1ec7u ch\u00ednh x\u00e1c, n\u00f3 s\u1ebd cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i li\u1ec7u tham kh\u1ea3o ra quy\u1ebft \u0111\u1ecbnh s\u00e2u s\u1eafc v\u00e0 \u0111\u00e1ng tin c\u1eady, gi\u00fap v\u01b0\u1ee3t qua s\u01b0\u01a1ng m\u00f9 d\u1eef li\u1ec7u kinh t\u1ebf v\u00e0 n\u1eafm b\u1eaft c\u00e1c c\u01a1 h\u1ed9i v\u00e0 r\u1ee7i ro c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>","protected":false},"excerpt":{"rendered":"

Ch\u1ec9 s\u1ed1 CPI c\u1ee7a M\u1ef9 trong th\u00e1ng 11 l\u00e0 2,7% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc v\u00e0 CPI c\u01a1 b\u1ea3n l\u00e0 2,6% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i, m\u1ed9t m\u1ee9c th\u1ea5p m\u1edbi. Tuy nhi\u00ean, Wmax x\u00e1c \u0111\u1ecbnh r\u1eb1ng d\u1eef li\u1ec7u b\u1ecb \u1ea3nh h\u01b0\u1edfng do ch\u00ednh ph\u1ee7 \u0111\u00f3ng c\u1eeda v\u00e0 c\u00f3 sai l\u1ec7ch th\u1ed1ng k\u00ea. L\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n th\u1ef1c t\u1ebf c\u00f3 th\u1ec3 \u0111\u1ea1t g\u1ea7n 3,0%. Ch\u1ec9 s\u1ed1 \u0111\u00f4 la M\u1ef9 gi\u1ea3m v\u00e0 v\u00e0ng t\u0103ng khi k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang t\u0103ng l\u00ean. D\u1eef li\u1ec7u th\u00e1ng 12 s\u1ebd x\u00e1c minh xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t th\u1ef1c s\u1ef1.<\/p>","protected":false},"author":1,"featured_media":8063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[359,358,357],"class_list":["post-8062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-cpi","tag-358","tag-357"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=8062"}],"version-history":[{"count":2,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8062\/revisions"}],"predecessor-version":[{"id":8068,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8062\/revisions\/8068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8063"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}