花旗：美国经济-4 月消费、通胀双双放缓

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed [2]. Core Insights - Core PCE inflation in April was recorded at 0.116% month-over-month, aligning with expectations, indicating a cooling trend in inflation aside from tariff impacts [4][7]. - Personal income increased by 0.8% month-over-month, primarily due to enhanced eligibility for Social Security payments, which rose by 6.9% month-over-month [6]. - Consumer spending showed a nominal increase of 0.2% month-over-month, with real spending slightly up by 0.1% month-over-month, reflecting a normalization after a surge in March [5][8]. Summary by Sections Inflation and Spending - Core PCE inflation readings for March and April suggest a slowdown after strong readings in January and February, providing reassurance to Federal Reserve officials [7]. - Airfares increased by 0.5% month-over-month, contrasting with declines in other price indices [4]. - Portfolio management fees saw a significant decline of 6.6%, while healthcare prices rose by 0.33% month-over-month, above pre-pandemic levels [4]. Consumer Behavior - Personal spending in April was softer, with goods spending declining by 0.2% month-over-month in real terms, and auto purchases down by 0.6% month-over-month [5]. - Services spending increased by 0.3% month-over-month, indicating some resilience in consumer behavior in sectors less affected by tariffs [8]. - The savings rate rose to 4.9% due to increased government transfers and weak spending [6].