CICC: The U.S. economy has not yet shown a significant slowdown, and demand remains robust

Glonghui, July 31｜CICC pointed out that U.S. GDP grew at an annualized rate of 1.5% quarter-on-quarter in the second quarter, which was lower than market expectations but not a weak result. Imports, inventories, and government spending dragged down GDP, while private domestic final sales, which reflect domestic demand, grew at an annualized rate of 3.9% quarter-on-quarter—the fastest since early 2023—indicating that economic resilience remains strong. Consumption has clearly rebounded, AI-driven corporate investment continues to see high growth, and residential investment is also starting to improve. The driving force of economic growth is gradually shifting from fiscal stimulus to the private sector.