Core Insights - Amazon.com Inc. is the second-largest employer in the United States, following Walmart Inc. [1] Company Overview - Amazon's position as the second-largest employer highlights its significant role in the U.S. labor market [1]

Economic Growth - The US economy grew at an upwardly revised annualized rate of 3.8% in the second quarter, the fastest pace since Q3 2023, driven by strong consumer spending and business investment [4][6][11] - The previous estimate for GDP growth in the second quarter was 3.3% [5][12] Consumer and Business Spending - Consumer spending increased at a revised pace of 2.5%, up from 1.6%, contributing significantly to GDP growth [13] - Business investment in equipment was revised up to an 8.5% growth rate from 7.4%, and spending on intellectual property products expanded at a 15.0% rate, revised from 12.8% [13] Trade Deficit Impact - A sharp contraction in the trade deficit, which added a record 4.83 percentage points to GDP growth, was a key factor in the economic rebound [7] - The trade deficit contraction was attributed to a decrease in imports following a record surge in the first quarter [7][9] Labor Market and Employment - Despite strong economic indicators, job growth has slowed, attributed to President Trump's tariffs and immigration policies, leading to a near stall in job growth through August [3][4] - A drop in first-time applications for unemployment benefits indicates strong demand for labor as companies retain workers [2] Future Economic Outlook - Tepid growth is expected in the second half of the year, with economists projecting overall economic growth of about 1.5% for the full year, down from 2.8% in 2024 [10]

中金公司分析认为，关税政策落地后，美国经济或面临三重压力：其一，进口放缓虽将缓解"抢进口"对GDP的拖累，但企业库存去化将直接压 低生产与投资；其二，消费者提前支出叠加物价上涨压力，或导致消费增速进一步放缓；其三，贸易伙伴反制措施可能削弱出口竞争力。港口 监测数据显示，5月初中国发往美国南加州主要港口的货运船舶数量环比减少29%，5月第二周抵港船舶量同比锐减44%，印证进口活动趋缓趋 势。 根据中金研报，尽管4月美国非农新增就业17.7万人，高于市场预期，但前两个月就业人数合计下修5.8万人，且失业率维持4.2%未反映真实就 业压力。挑战者裁员人数仍处高位、持续申领失业金人数升至2021年以来最高水平、3月JOLTS空缺职位下降等数据表明，劳动力市场供需关 系正在转向。中金团队认为，关税政策对贸易相关企业利润的挤压及服务业需求放缓的滞后效应，或使就业市场面临更大下行压力。 【环球网财经综合报道】中金公司最新研究报告分析认为，美国2025年一季度经济数据揭示增长动能弱化。尽管部分内需指标仍具韧性，但关 税政策冲击、库存去化压力及外部贸易环境恶化或将拖累二季度经济表现，美联储货币政策或因通胀风险维持紧缩，进一步加 ...