Economic Indicators - In Q1 2024, the US GDP growth was 1.6%, below the market expectation of 2.5% and significantly down from 3.4% in Q4 2023[6] - Personal Consumption Expenditures (PCE) grew by 2.5% in Q1 2024, lower than the expected 3.0%[6] - The core PCE price index increased by 3.7%, exceeding the forecast of 3.4%[6] Inflation and Consumer Spending - March 2024 core PCE inflation rose by 2.8% year-on-year, above the expected 2.7%[21] - The overall PCE inflation for March was 2.7%, slightly above the forecast of 2.6%[21] - The personal savings rate fell from 4.0% in Q4 2023 to 3.6% in Q1 2024, indicating inflation is eroding wage growth[19] Market Trends - The April 2024 PMI for the US manufacturing sector was 49.9%, indicating contraction and the lowest level since December 2023[10] - The Eurozone's April composite PMI rose to 51.4%, surpassing expectations and marking the highest level in 11 months[24] Policy and Fiscal Measures - The April LPR remained unchanged at 3.45% for 1-year and 3.95% for 5-year loans, aligning with market expectations[50] - In Q1 2024, China's general public budget revenue decreased by 2.3% year-on-year, while expenditure grew by 2.9%[54]
宏观·周度报告：国内财政发力可期，美国通胀粘性较强
Guo Mao Qi Huo·2024-04-30 06:30