S&P Global(US:SPGI) 美股研究社·2025-03-27 11:55Core Viewpoint - The article discusses the recent recovery in U.S. business activity in March, while highlighting concerns over import tariffs and significant government spending cuts that may impact market sentiment and economic outlook for the remainder of the year [3][4]. Group 1: Economic Indicators - The S&P Global survey indicates that the new orders index rose from 51.9 in February to 53.3 in March, while the employment index increased slightly from 49.4 in January to 50.6 [3]. - The composite PMI output index for the U.S. rose from 51.6 in February to 53.5 in March, indicating expansion in the private sector [4]. - The annualized growth rate of the U.S. economy in March was reported at 1.9%, with a quarterly annualized growth rate of only 1.5%, suggesting a slowdown compared to the end of 2024 [5]. Group 2: Inflation and Pricing - The input prices index surged from 58.4 in February to 60.9 in March, marking the highest level since April 2023, driven by tariffs and rising labor costs [5]. - The prices charged index for goods and services increased from 52.3 to 53.6, indicating that manufacturers are passing higher costs onto consumers, although service sector firms face challenges in raising prices due to slowing demand [6]. - The core PCE inflation rate is projected to rise by 2.8% this year, up from a previous estimate of 2.5%, reflecting ongoing inflationary pressures [5].