美国4月消费支出温和增长 核心通胀仍“高烧不退”

Core Insights - In April 2025, personal income in the U.S. increased by $210.1 billion, representing a month-over-month growth of 0.8% [1][4] - Disposable personal income (DPI) also rose by $189.4 billion, reflecting a 0.8% increase, while personal consumption expenditures (PCE) saw a smaller increase of $47.8 billion, or 0.2% [1][4] - The total personal expenditures, which include PCE, personal interest payments, and current transfer payments, increased by $48.6 billion in April [1] Personal Savings and Rates - Personal savings in April amounted to $1.12 trillion, with a personal savings rate of 4.9%, indicating the percentage of DPI that is saved [3] - The increase in personal income was primarily driven by government social welfare and wage increases [3][7] Consumer Spending Trends - Service expenditures rose by $55.8 billion, partially offsetting a $8 billion decrease in goods spending [3] - The PCE price index increased by 0.1% in April, with the core PCE price index also rising by 0.1% [7] - Year-over-year, the PCE price index increased by 2.1%, while the core PCE price index rose by 2.5% [7] Economic Outlook - Economists suggest that aggressive trade policies by the U.S. government may significantly hinder economic growth and elevate inflation [7] - Market participants anticipate that the Federal Reserve will lower the target interest rate for short-term borrowing in September, with another potential cut in December [7]