US economy expanded at sluggish 1.5% pace in second quarter, on par with earlier estimate
- U.S. GDP grew at a 1.5% annual pace from April through June, down from 2.1% in the first quarter.
- The second-quarter growth figure was unchanged from the Commerce Department's initial estimate.
- Consumer spending, which accounts for roughly 70% of U.S. economic activity, increased at a healthy 3.4% annual rate, up sharply from 0.5% in the prior quarter.
- Imports surged at a 12.5% annual pace, partly driven by computer chips and AI-related products, reducing GDP growth by 1.64 percentage points.
- Business investment excluding housing rose 8.5% in the second quarter, while an underlying economic strength measure grew at 4.2%, up from 1.7% in Q1.
- An inflation measure tracked by the Federal Reserve remained unchanged in July at 3.7% year-over-year, 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 recorded in the first quarter, though the figure matches the department's earlier estimate. The sluggish overall growth masks underlying resilience in consumer spending, which increased at a robust 3.4% annual rate—a significant jump from just 0.5% in the prior quarter—and accounts for approximately 70% of U.S. economic activity.
The primary drag on second-quarter growth came from imports, which surged at a 12.5% annual pace and subtracted 1.64 percentage points from GDP. This surge was partly driven by increased shipments of computer chips and other products supporting artificial intelligence investments. Excluding the volatile effects of government spending and trade, a measure of underlying economic strength grew at a strong 4.2% rate, up from 1.7% in the first quarter, indicating more fundamental economic resilience.
On the inflation front, the Commerce Department reported that prices rose 3.7% in July compared with 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 and has worsened since the U.S. and Israel's military actions against Iran in late February, when inflation stood at 2.9%. The third and final Commerce Department assessment of second-quarter GDP growth is scheduled for September 30.
美国经济第二季度增速缓慢，环比1.5%符合初值预期
美国商务部周三发布报告称，美国经济第二季度以1.5%的年化速度增长。这标志着相比第一季度2.1%的增速出现放缓，但与该部门的初值预期一致。总体增速缓慢的背后隐藏着消费者支出的韧性，其以强劲的3.4%年率增长——较前一季度的0.5%大幅跳升——并占美国经济活动的约70%。
第二季度增长的主要拖累来自进口，其以12.5%年率激增，从GDP中扣除1.64个百分点。这一激增部分由计算机芯片和其他支持人工智能投资的产品进口增加驱动。在剔除政府支出和贸易波动影响的基础上，经济基础强度指标以强劲的4.2%速度增长，高于第一季度的1.7%，表明更深层的经济韧性。
在通胀方面，商务部报告称7月份物价同比上涨3.7%，与6月份持平。这一被美联储密切关注的通胀指标仍明显高于美联储2%的目标，自美国和以色列2月底对伊朗采取军事行动以来已恶化，当时通胀率为2.9%。商务部对第二季度GDP增长的第三份也是最后一份评估定于9月30日发布。