美国经济首季增长低于预期

The US economy grew a disappointing 2.2 per cent in the first quarter of this year as inventories piled up and the federal government cut spending.

随着库存增加和联邦政府缩减开支，今年第一季度美国经济增长2.2%，令人失望。

The annualised growth rate for gross domestic product came in below market expectations of 2.7 per cent and compares with 3 per cent growth in the fourth quarter of last year.

年化国内生产总值(GDP)增长率低于市场预测的2.7%，且与去年第四季度3%形成对比。

The weak performance did not, however, break a pattern of steady if mediocre expansion in the US, as consumption and investment grow too slowly to make up for cuts in federal spending.

然而，经济数据黯淡并未打破美国经济平稳扩张（即便不令人振奋）的格局。消费和投资增长过慢，不足以抵消联邦政府缩减开支的影响。

“The US economy remains a bright light in the global economy, although the light is hardly blinding and also showing some signs of fading,” said Chris Williamson, chief economist at Markit in London.伦敦Markit首席经济学家克里斯•威廉森(Chris Williamson)表示，“美国经济仍是全球经济中的一道亮光，尽管这亮光很难说得上耀眼，而且还显出一些变弱的迹象。”

Consumption was robust, growing at an annualised pace of 2.9 per cent and adding 2 percentage points to the growth rate. But real disposable income rose by only 0.4 per cent, suggesting consumers are saving less. The savings rate fell to 3.9 per cent from 4.5 per cent in the previous quarter.

消费颇为强劲，年化增长率达到2.9%，为GDP增长率贡献了2个百分点。但实际可支配收入仅增长0.4%，似乎表明消费者减少了储蓄。储蓄率从上一季度的4.5%降至3.9%。

“Undoubtedly the brightest spot in this report was the resurgence in consumer spending,” said Beata Caranci, deputy chief economist at TD Bank, but she warned that “we don’t expect to see a repeat performance in the strength of spending” in the second quarter.

道明银行(TD Bank)副首席经济学家贝亚特•卡兰西(Beata Caranci)表示，“无疑，报告中最大亮点是消费支出恢复增长，”但她警告称，“我们预计第二季度将不会再度出现如此强劲的消费增长”。

Investment would also have been almost flat if not for an inventory build-up that added 0.6 percentage points to growth. Cutbacks to federal spending, especially defence, subtracted 0.6 percentage points.若不是库存增加，投资几乎为零增长。库存增加为GDP增长率贡献了0.6个百分点。联邦开支、尤其是防务开支的减少，对GDP增长率的拖累也是0.6个百分点。

The first estimate of GDP must be treated with caution because crucial information – such as customs documents for March – is not ready. The number is often revised once more precise data arrive.

对GDP增长率的首次估算必须得到谨慎看待，因为关键数据——比如3月份的海关文件——尚未准备好。一旦取得精确的数据，GDP增长率往往会得到修正。