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 70% of US economic activity, increased at a healthy 3.4% annual rate, up from 0.5% in the first quarter.
- Imports rose at a 12.5% annual pace and subtracted 1.64 percentage points from second-quarter growth, primarily due to surging computer chip shipments for AI investment.
- Business investment excluding housing grew at an 8.5% pace, reflecting the AI investment boom.
- An underlying economic strength measure that strips out volatile government spending and trade grew at a strong 4.2% rate, up from 1.7% in the first quarter.
The U.S. economy expanded at a 1.5% annual pace in the second quarter, decelerating from 1.5% growth in the first quarter. The Commerce Department's report confirmed its earlier estimate. Despite the sluggish headline growth, consumer spending remained robust, increasing at a 3.4% annual rate and accounting for about 70% of economic activity.
The primary drag on growth came from imports, which surged at a 12.5% annual pace, largely driven by computer chips and other products supporting artificial intelligence investments. This import surge subtracted 1.64 percentage points from second-quarter GDP growth. Meanwhile, business investment excluding housing grew at a strong 8.5% pace, reflecting continued AI-related spending.
Underlying economic strength, measured by a gauge that excludes volatile government spending and trade figures, grew at a robust 4.2% rate, up from 1.7% in the first quarter. Housing investment also rose for the first time since the end of 2024. Separately, inflation remained elevated at 3.7% year-over-year in July, unchanged from June and notably above the Federal Reserve's 2% target. The Commerce Department will issue its final second-quarter GDP estimate on September 30.
美国经济第二季度增速放缓至1.5%，与初值一致
美国第二季度经济年增速为1.5%，较第一季度放缓。商务部确认了初步估计。尽管整体增速缓慢，消费支出仍保持强劲，年增速为3.4%，占经济活动的约70%。
经济增长的主要拖累来自进口，进口以12.5%的年增速增长，主要由支持人工智能投资的芯片和其他产品驱动。进口激增使第二季度GDP增速下降1.64个百分点。与此同时，不含住房的商业投资以强劲的8.5%速度增长，反映了持续的AI相关支出。
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%，高于第一季度的1.7%。住房投资也在自2024年底以来首次上升。另外，通胀率在7月份保持在3.7%的同比水平，与6月持平，明显高于美联储2%的目标。商务部将于9月30日发布第二季度GDP的最终估计。