美国经济第一季度收缩0.3%，主要受关税拖累

Economists surveyed by LSEG had expected the economy to grow at a 0.3% rate in the quarter. The first quarter's 0.3% contraction was slower than the 2.4% GDP growth recorded in the fourth quarter. The quarterly contraction was the first since the first quarter of 2022.

The decline in GDP was attributed primarily to an increase in imports, which count as a subtraction in the calculation of GDP, as well as a decrease in government spending. Those shifts were partially offset by increases in investment, consumer spending and exports.

The 41% surge in imports was driven by consumer goods, primarily pharmaceutical goods, medicines and vitamins; and by capital goods like computers and parts.

The rise in imports was driven in part by importers preordering products in an effort to have the shipments beat the implementation of Trump's tariffs.

Consumer spending rose 1.8% with gains for both services (+2.4%) and goods (+0.5%), as increases in spending on services were widespread and led by healthcare, housing and utilities. Within spending on goods, a 2.7% increase in nondurable goods was partly offset by a 3.4% decrease in durable goods.

Business investment rose 21.9% in the first quarter after it posted a 5.6% decline in the fourth quarter. Nonresidential investment was up 9.8% in the quarter, led by a 22.5% increase in equipment spending.

Disposable personal income was 2.7% in the first quarter, up from 1.9% in the fourth quarter.

Personal saving as a percentage of personal income was 4% in the first quarter, up from 3.7% in the fourth quarter – though it's down from 5.4% in the first quarter of 2024.

美国第一季度的经济收缩0.3%,主要是受进口额增加，很多商家提前进口囤货以免受关税冲击。
好消息是投资和个人消费都在增长。
但是，美国计算经济增长怎么这么奇怪，为什么进口暴增是对经济增长的负面影响？因为把钱花出去了？那每年美国都是贸易逆差，为什么每年美国经济还是增长？