政策变化影响明显 美国商业活动下滑且市场信心受损

Core Insights - The U.S. business activity is experiencing a significant slowdown in April, with a marked decline in market confidence [1] - The PMI data indicates that the growth rate of business activity is at its slowest since December 2023, reflecting an annualized growth rate of only 1.0% [1] - Inflationary pressures are increasing, posing challenges for the Federal Reserve as it seeks to stimulate a weakening economy [1] Economic Activity - The output growth in April is the slowest recorded since December 2023, indicating a concerning trend for the U.S. economy [1] - Manufacturing is largely stagnant, with any positive effects from tariffs being offset by heightened economic uncertainty, supply chain concerns, and declining exports [1] - The service sector is also slowing down, particularly in areas related to tourism and exports, due to a decrease in demand growth [1] Market Confidence - There is a sharp deterioration in confidence regarding business conditions for the upcoming year, largely driven by increasing concerns over policy impacts [1] - The overall sentiment in the market is negatively affected by the combination of economic slowdown and rising inflation [1]