US economy expanded at sluggish 1.5% pace in second quarter, on par with earlier estimate
- US GDP grew at a 1.5% annual pace from April through June, down from 2.1% in the first quarter.
- Consumer spending, which accounts for about 70% of economic activity, increased at a healthy 3.4% annual rate, up from 0.5% in the prior quarter.
- Imports rose at a 12.5% annual pace and subtracted 1.64 percentage points from GDP growth, partly due to surging shipments of computer chips and AI-related products.
- Business investment excluding housing grew at 8.5%, reflecting the AI investment boom, and underlying economic strength measured at 4.2%, up from 1.7% in Q1.
- An inflation measure watched by the Federal Reserve remained unchanged in July at 3.7% year-over-year, noticeably above the Fed's 2% target.
The U.S. economy expanded at a 1.5% annual pace in the second quarter, according to the Commerce Department's report released Wednesday. This represents a deceleration from the 2.1% growth rate recorded in the first quarter, though the figure matched the department's initial estimate. The slowdown was primarily driven by a surge in imports, which rose at a 12.5% annual pace and reduced GDP growth by 1.64 percentage points. This import surge was partly attributable to increased shipments of computer chips and other products supporting artificial intelligence investments.
Despite the sluggish headline growth, consumer spending remained robust, increasing at a 3.4% annual rate compared to just 0.5% in the prior quarter. Consumer spending accounts for approximately 70% of U.S. economic activity. Additionally, business investment excluding housing grew at an 8.5% pace, reflecting ongoing AI investment momentum. A broader measure of underlying economic strength, which excludes volatile government spending and trade figures, expanded at a strong 4.2% rate, up from 1.7% in the first quarter.
On the inflation front, the Commerce Department reported that prices rose 3.7% in July compared to a year earlier, unchanged from June's pace. This inflation measure, closely monitored by the Federal Reserve, remains noticeably above the Fed's 2% target. Inflation has worsened since late February when the U.S. and Israel attacked Iran, with the rate standing at 2.9% at that time. The third and final Commerce Department report on second-quarter GDP growth is scheduled for September 30.
美国经济第二季度增速放缓至1.5%，符合初步预估
美国商务部周三发布报告称，美国经济第二季度年化增速为1.5%，较第一季度的2.1%出现放缓，但与商务部初步预估一致。增速放缓的主要原因是进口激增，进口以12.5%的年化速度增长，拖累GDP增长1.64个百分点。这波进口增长部分源于计算机芯片和其他支持人工智能投资产品的进口激增。
尽管整体增速疲软，但消费支出仍保持强劲，年化增速为3.4%，远高于前一季度的0.5%。消费支出约占美国经济活动的70%。此外，不含住房的商业投资增速为8.5%，反映了持续的AI投资热潮。剔除波动性政府支出和贸易数据的经济基础强度指标增速为4.2%，较第一季度的1.7%上升。
在通胀方面，商务部报告显示7月份物价同比上升3.7%，与6月份持平。这一美联储密切关注的通胀指标仍明显高于美联储2%的目标。自2月底美国和以色列对伊朗军事行动以来，通胀形势恶化，当时通胀率为2.9%。商务部关于第二季度GDP的第三份也是最后一份报告定于9月30日发布。