美國(guó)一季度國(guó)內(nèi)生產(chǎn)總值增長(zhǎng)0.5%

The US economy grew at its slowest pace in twoyears during the first three months of 2016, raisingquestions over the durability of its seven-yearexpansion at a time of global uncertainty.

2016年第一季度美國(guó)經(jīng)濟(jì)增速是兩年以來的最低水平，在全球經(jīng)濟(jì)不確定的時(shí)期，這使美國(guó)已經(jīng)持續(xù)7年的擴(kuò)張的持久性受到了質(zhì)疑。

Gross domestic product rose 0.5 per cent — lessthan half the rate of the previous quarter — thanksto falling corporate investment and lower exports.The numbers were also held back by a deceleration in consumer spending growth, despite risingpersonal incomes.

在企業(yè)投資下降和出口下降的影響下，美國(guó)一季度國(guó)內(nèi)生產(chǎn)總值(GDP)增長(zhǎng)0.5%，不到上一個(gè)季度的一半。盡管個(gè)人收入增加，但消費(fèi)者支出增長(zhǎng)依然減速，這也阻礙了GDP增長(zhǎng)率。

The figures reflect a cautious mood after turbulent global economic and financial conditionsearly in the year. They will strengthen calls for the Federal Reserve to tread carefully beforelifting interest rates again. The central bank raised rates for the first time in almost a decadelast December. The Fed this week left policy unchanged but did not give a firm signal as towhen it next expects to tighten monetary policy.

這些數(shù)據(jù)反映出今年初全球經(jīng)濟(jì)和金融動(dòng)蕩之后的謹(jǐn)慎情緒，它們將加強(qiáng)要求美聯(lián)儲(chǔ)(Fed)在再次加息前審慎把握的呼聲。去年12月，美國(guó)央行進(jìn)行了近10年來首次加息。本周美聯(lián)儲(chǔ)沒有更改政策，也沒有就下次將在何時(shí)收緊貨幣政策給出明確的信號(hào)。

“We have been slowing down since last year — this is not a one-quarter -phenomenon,” saidJoseph LaVorgna at Deutsche Bank. “It is surprising that the consumer has not done bettergiven strong jobs growth and low energy prices.”

“自去年以來我們一直在放緩——這不是一個(gè)季度的現(xiàn)象，”德意志銀行(Deutsche Bank)的約瑟夫•拉沃爾尼亞(Joseph LaVorgna)表示，“考慮到強(qiáng)勁的就業(yè)增長(zhǎng)和低廉的能源價(jià)格，消費(fèi)者沒有做的更好令人驚訝。”

The deceleration comes amid sluggish growth around the world, with the InternationalMonetary Fund this month cutting its global forecasts for the fourth time in a year.

美國(guó)增長(zhǎng)的減速正值全球各地的增長(zhǎng)乏力之際，本月國(guó)際貨幣基金組織(IMF)一年來第4次下調(diào)全球增長(zhǎng)預(yù)測(cè)。

Worries about Japan’s outlook were heightened yesterday when the Bank of Japan held ratesdespite data showing the country had tumbled back into deflation.

盡管數(shù)據(jù)表明日本已經(jīng)跌回通縮，但昨日日本央行(Bank of Japan)維持了利率水平，這使人們對(duì)日本前景的憂慮加深。

Some economists said US growth rates might recover from weak first-quarter numbers, whichmissed forecasts of 0.7 per cent. Sluggish starts to the year are not unusual, prompting someanalysts to argue there are problems with how statisticians adjust for seasonal factors. The USgrew only 0.6 per cent in the first quarter of 2015 and shrank 0.9 per cent at the start of 2014.

美國(guó)一季度經(jīng)濟(jì)增長(zhǎng)不及0.7%的預(yù)期，一些經(jīng)濟(jì)學(xué)家表示，美國(guó)經(jīng)濟(jì)增長(zhǎng)率或許將從這一低迷數(shù)據(jù)恢復(fù)。新年伊始表現(xiàn)乏力并不罕見，這促使一些分析師提出統(tǒng)計(jì)學(xué)家的季節(jié)性因素調(diào)整存在問題。2015年首季美國(guó)經(jīng)濟(jì)僅增長(zhǎng)0.6%，2014年首季則萎縮了0.9%。

Brian Schaitkin, an economist at the Conference Board, said: “Since the end of the GreatRecession . . . first-quarter GDP growth figures have shown a consistent pattern of beingweaker than those for the rest of the year, which suggests that a small rise is in store in 2016.”

世界大型企業(yè)研究會(huì)(Conference Board)的經(jīng)濟(jì)學(xué)家布賴恩•謝特金(Brian Schaitkin)表示：“自大衰退結(jié)束以來……首季GDP增長(zhǎng)數(shù)據(jù)呈現(xiàn)出遜于該年剩余時(shí)間的一貫?zāi)Ｊ?，這似乎表明2016年接下來將出現(xiàn)小幅增長(zhǎng)。”

Growth in household spending — the motor of the US recovery — slowed to 1.9 per cent in thefirst quarter from 2.4 per cent previously, despite a healthier 2.9 per cent increase indisposable income.

拉動(dòng)美國(guó)復(fù)蘇的引擎——家庭支出增長(zhǎng)從上一個(gè)季度的2.4%放緩至今年一季度的1.9%，盡管可支配收入增長(zhǎng)了2.9%，表現(xiàn)更為健康。

The fall in corporate investment was driven by energy companies cutting back on capitalspending owing to the decline in oil prices. That has ricocheted to the factory sector, with thedemand for items used by oil groups falling. The US trade deficit also dragged on the numbersas the surging dollar crushed exports, which fell 2.6 per cent.

企業(yè)投資的下降源于能源企業(yè)因油價(jià)下跌而削減資本支出。石油企業(yè)所用設(shè)備的需求下降，拖累了工廠領(lǐng)域。美國(guó)貿(mào)易赤字也拖累了增長(zhǎng)數(shù)據(jù)，美元飆升對(duì)出口造成沖擊，導(dǎo)致出口下降2.6%。

The data come just a day after the Fed warned that “growth in economic activity appears tohave slowed” even as the labour market continues to improve.

該數(shù)據(jù)是在美聯(lián)儲(chǔ)發(fā)出警告后僅一天公布的。美聯(lián)儲(chǔ)稱，盡管就業(yè)市場(chǎng)持續(xù)改善，“經(jīng)濟(jì)活動(dòng)增長(zhǎng)似乎有所放緩”。