<p>美国经济在第二季度恢复了活力，年化增长率为 3.3%——与第一季度的疲软表现形成鲜明对比，第一季度经济收缩了 0.5%，企业在特朗普总统的关税恢复下忙于应对。</p>
<p>周四，美国经济分析局的报告显示，经济不仅增长，还略微超过了最初的 3.1% 预估，得益于消费者支出和私人投资的表现好于预期。</p>
<p>这使得这是自 2023 年第三季度以来最强劲的季度扩张，清晰地表明经济活动在年初的波动后正在正常化。</p>
<p>复苏的一个关键驱动因素是与贸易相关的扭曲现象的急剧逆转。美国 6 月份的商品贸易逆差大幅缩减至 858.8 亿美元，几乎是 3 月份水平的一半，当时企业急于在 4 月份宣布的全面关税生效前提前进口。</p>
<p>这种再平衡帮助稳定了 GDP，因为第一季度的数据显示因创纪录的贸易逆差而受到拖累。年初，进口大幅激增，但在第二季度降温，使得国内需求得以显现。</p>
<p>在另一份报告中，劳工部报告称，上周初请失业金人数减少至 229,000 人，比前一周期减少 5,000 人，略好于预期。持续申请失业金的人数也降至 195.4 万。</p>
<h2>消费者增加支出，企业恢复盈利</h2>
<p>实际消费者支出增长了 1.6%，高于第一季度的 0.5%，因为美国人通过对服务和耐用消费品的强劲需求继续支持经济。</p>
<p>剔除库存变化和贸易的 GDP 销售成分跃升 6.8%——与第一季度的 3.1% 下降形成鲜明对比。</p>
<p>企业利润增加了 2%，达到 3.266 万亿美元，此前一个季度下降了 3.3%。未分配利润攀升 6.7%，而净现金流改善了 4.8%，这表明企业仍在重建缓冲。</p>
<h2>市场反应</h2>
<p>股指期货在早盘交易中小幅上涨，标准普尔 500 期货上涨 0.13%，道琼斯期货上涨 0.23%，纳斯达克 100 期货上涨 0.16%。</p>
<p><strong>Nvidia Corp.</strong> NVDA 的股价在盘前交易中下跌 0.3%。这家芯片制造商发布了强于预期的财报，但投资者似乎对其略好于预期的指引反应谨慎。</p>
<p>在贵金属市场，黄金上涨 0.1%，至每盎司 3,401.62 美元，而白银上涨 1.1%，至 39.01 美元。</p>
<ul>
<li><strong>珍妮特·耶伦警告称，特朗普解雇美联储的丽莎·库克将导致 ‘灾难性’ 后果：‘更高的通货膨胀，波动的增长……货币贬值’</strong></li>
</ul>
<p><em>图片来源：FOTOGRIN，来自 Shutterstock.com</em></p>

<p>美国经济在第二季度以年化 3.3% 的速度增长，扭转了第一季度 0.5% 的收缩，主要受到强劲的消费者支出和私人投资的推动。商品贸易赤字显著减少，稳定了国内生产总值（GDP）。实际消费者支出增长了 1.6%，企业利润增加了 2%，达到了 3.266 万亿美元。初请失业金人数降至 229,000。市场反应包括股指期货的温和上涨，而尽管财报强劲，英伟达的股价却有所下跌。总体而言，报告表明经济活动在年初面临挑战后正在恢复正常</p>

<p>The U.S. economy returned to form in the second quarter, growing at a 3.3% annualized pace —a sharp turnaround from the sluggish first quarter, which saw a 0.5% contraction as businesses scrambled to navigate the return of tariffs under President <strong>Donald Trump</strong>.</p>
<div class="lb-trans"><p>美国经济在第二季度恢复了活力，年化增长率为 3.3%——与第一季度的疲软表现形成鲜明对比，第一季度经济收缩了 0.5%，企业在特朗普总统的关税恢复下忙于应对。</p>
</div><p>Thursday's report from the Bureau of Economic Analysis showed the economy not only grew but also slightly outpaced the initial estimate of 3.1%, boosted by better-than-expected consumer spending and private investment.</p>
<div class="lb-trans"><p>周四，美国经济分析局的报告显示，经济不仅增长，还略微超过了最初的 3.1% 预估，得益于消费者支出和私人投资的表现好于预期。</p>
</div><p>That makes it the strongest quarterly expansion since the third quarter of 2023 and a clear sign that economic activity is normalizing after a rocky start to the year.</p>
<div class="lb-trans"><p>这使得这是自 2023 年第三季度以来最强劲的季度扩张，清晰地表明经济活动在年初的波动后正在正常化。</p>
</div><p>One of the key drivers of the rebound was a sharp reversal in trade-related distortions. The U.S. trade deficit in goods shrank dramatically to $85.88 billion in June, nearly halving from the March level, when companies rushed to front-load imports before sweeping tariffs announced in April took effect.</p>
<div class="lb-trans"><p>复苏的一个关键驱动因素是与贸易相关的扭曲现象的急剧逆转。美国 6 月份的商品贸易逆差大幅缩减至 858.8 亿美元，几乎是 3 月份水平的一半，当时企业急于在 4 月份宣布的全面关税生效前提前进口。</p>
</div><p>The rebalancing helped stabilize GDP after first quarter's figures were dragged down by a record-high trade deficit. Imports, which subtract from GDP calculations, had surged earlier in the year but cooled in the second quarter, allowing domestic demand to shine through.</p>
<div class="lb-trans"><p>这种再平衡帮助稳定了 GDP，因为第一季度的数据显示因创纪录的贸易逆差而受到拖累。年初，进口大幅激增，但在第二季度降温，使得国内需求得以显现。</p>
</div><p>In a separate release, the Department of Labor reported that initial jobless claims decreased to 229,000 last week, down 5,000 from the previous period and slightly better than expected. Continuing claims also fell to 1.954 million.</p>
<div class="lb-trans"><p>在另一份报告中，劳工部报告称，上周初请失业金人数减少至 229,000 人，比前一周期减少 5,000 人，略好于预期。持续申请失业金的人数也降至 195.4 万。</p>
</div><h2>Consumers increase spending, businesses return to profits</h2>
<div class="lb-trans"><h2>消费者增加支出，企业恢复盈利</h2>
</div><p>Real consumer spending rose 1.6%, up from just 0.5% in the first quarter, as Americans continued to support the economy through strong demand for services and durable goods.</p>
<div class="lb-trans"><p>实际消费者支出增长了 1.6%，高于第一季度的 0.5%，因为美国人通过对服务和耐用消费品的强劲需求继续支持经济。</p>
</div><p>The GDP sales component, which strips out inventory changes and trade, jumped 6.8%—a sharp reversal from Q1's 3.1% decline.</p>
<div class="lb-trans"><p>剔除库存变化和贸易的 GDP 销售成分跃升 6.8%——与第一季度的 3.1% 下降形成鲜明对比。</p>
</div><p>Corporate profits increased by 2% to $3.266 trillion, following a 3.3% drop in the previous quarter. Undistributed profits climbed 6.7%, while net cash flow improved by 4.8%, suggesting companies are still rebuilding buffers.</p>
<div class="lb-trans"><p>企业利润增加了 2%，达到 3.266 万亿美元，此前一个季度下降了 3.3%。未分配利润攀升 6.7%，而净现金流改善了 4.8%，这表明企业仍在重建缓冲。</p>
</div><h2>Market reactions</h2>
<div class="lb-trans"><h2>市场反应</h2>
</div><p>Stock index futures showed modest gains in early trading, with S&amp;P 500 futures up 0.13%, Dow Jones futures rising 0.23% and Nasdaq 100 futures adding 0.16%.</p>
<div class="lb-trans"><p>股指期货在早盘交易中小幅上涨，标准普尔 500 期货上涨 0.13%，道琼斯期货上涨 0.23%，纳斯达克 100 期货上涨 0.16%。</p>
</div><p>Shares of <strong>Nvidia Corp.</strong> NVDA dipped 0.3% in the premarket. The chipmaker delivered stronger-than-expected earnings, yet investors appeared cautious in response to its slightly better-than-forecast guidance.</p>
<div class="lb-trans"><p><strong>Nvidia Corp.</strong> NVDA 的股价在盘前交易中下跌 0.3%。这家芯片制造商发布了强于预期的财报，但投资者似乎对其略好于预期的指引反应谨慎。</p>
</div><p>In the metals market, gold inched up 0.1% to $3,401.62 per troy ounce, while silver advanced 1.1% to $39.01.</p>
<div class="lb-trans"><p>在贵金属市场，黄金上涨 0.1%，至每盎司 3,401.62 美元，而白银上涨 1.1%，至 39.01 美元。</p>
</div><ul>
<li><strong>Janet Yellen Warns Of ‘Catastrophic’ Consequences As Trump Fires Fed’s Lisa Cook: ‘Higher inflation, Volatile Growth…Weakened Currencies’</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>珍妮特·耶伦警告称，特朗普解雇美联储的丽莎·库克将导致 ‘灾难性’ 后果：‘更高的通货膨胀，波动的增长……货币贬值’</strong></li>
</ul>
</div><p><em>Photo Courtesy: FOTOGRIN on Shutterstock.com</em></p>
<div class="lb-trans"><p><em>图片来源：FOTOGRIN，来自 Shutterstock.com</em></p>
</div>

US Economy Roars Back With 3.3% Growth, Shrugging Off Trump Tariffs

- 美国经济在第二季度以 3.3% 的年化速度增长，扭转了第一季度的 0.5% 收缩。  
- 贸易逆差显著缩减至 858.8 亿美元，助力 GDP 稳定。  
- 消费支出增长 1.6%，企业利润回升至 3.266 万亿美元。  

美国经济以 3.3% 的增长强势回升，摆脱了特朗普关税的影响