高盛：美国核心CPI通胀放缓两个百分点至3.6%;核心PCE仍在25个基点附近;零售销售和纽约制造业指数低于预期。

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed [2]. Core Insights - April core CPI rose by 0.29% month-over-month, which is 1 basis point below consensus expectations and represents the slowest pace since December. The year-on-year rate fell by 0.2 percentage points to 3.6%, aligning with expectations. The report indicates a disinflationary composition, with primary rent measures slowing to a 31-month low and declines in both new and used car prices [7][12]. - Core retail sales declined by 0.3% in April, contrary to consensus expectations for a 0.1% increase. Headline spending remained unchanged, which was below expectations for a moderate increase. Auto sales decreased by 0.8%, while gas station sales rose by 3.1% [9][12]. - The Empire manufacturing index fell by 1.3 points to -15.6, against consensus expectations for an increase. The underlying components showed mixed results, with declines in new orders and employment, while shipments increased [11][12]. Summary by Sections Inflation Metrics - The April core CPI increased by 0.29% month-over-month, with a year-on-year rate of 3.6%. The report highlighted a significant slowdown in primary rent measures and declines in car prices, contributing to a disinflationary trend [7][8]. - The core PCE price index is estimated to have risen by 0.25% in April, corresponding to a year-over-year rate of 2.77% [8]. Retail Sales - Core retail sales saw a decline of 0.3% in April, with various categories experiencing mixed performance. Notably, sales in sporting goods and health and personal care decreased, while clothing and accessory stores saw an increase of 1.6% [9][12]. - The retail sales report was weaker than expected, prompting a reduction in Q2 GDP tracking estimates by 0.4 percentage points to 3.0% [12]. Manufacturing Index - The Empire manufacturing index decreased to -15.6, with declines in new orders and employment components, while shipments showed a slight increase. The volatility of this index has been noted since 2022 [11][12].