Group 1 - The preliminary report from the University of Michigan indicates a decline in the U.S. consumer confidence index to 55.4 in September, marking the lowest level since May and a second consecutive month of decline [1][2] - The report highlights that the long-term inflation expectations have risen for two consecutive months, contributing to increased uncertainty in the economic outlook [2] - The decline in consumer confidence suggests potential reductions in consumer spending, which could negatively impact overall economic growth [2] Group 2 - Analysts point out that the ongoing decrease in consumer confidence reflects the dual pressures of slowing growth and rising inflation facing the U.S. economy [2] - The increase in the probability of personal unemployment among consumers indicates heightened concerns about job market stability, which weighs heavily on consumer sentiment [2] - Recent data shows that in August, U.S. employers added only 22,000 jobs, significantly below market expectations, indicating a slowdown in the labor market [2]

Core Viewpoint - The total retail sales of consumer goods in China are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, reflecting an average annual growth rate of 5.5% [1] Group 1 - In comparison to the United States, China's total retail sales last year were approximately 80% of the U.S. figure in absolute terms [1] - When adjusted for purchasing power parity, China's retail sales are equivalent to 1.6 times that of the United States, based on data and calculations provided by the World Bank [1]