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研究发现,AI技术对初级岗位的影响更为明显升,CRFB预计2034年达到127%
研究发现,AI技术对初级岗位的影响更为明显升,CRFB预计2034年达到127%
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<|begin_of_box|>### 2025-26年美国宏观经济预测表

| 指标                     | 单位               | 2023   | 2024   | 2025E | 一致预期 | 2026E | 一致预期 | 2025 1Q | 2025 2Q | 2025 3QE | 2025 4QE |2026 1QE | 2026 2QE | 2026 3QE | 2026 4QE |
|--------------------------|--------------------|--------|--------|-------|----------|-------|----------|---------|---------|----------|----------|----------|----------|----------|----------|
| **实际GDP**              | %，同比            | 2.9    | 2.8    | 2.0   | 1.9      | 2.3   | 1.8      | 2.0     | 2.1     | 2.0      | 1.9      | 2.7      | 2.3      | 2.1      | 2.2      |
|                         | %，环比折年*       | -0.6   | 3.8    | 2.8   | 2.8      | 1.4   | 1.4      | 2.7     | 2.2     | 2.0      | 1.9      | 2.7      | 2.2      | 2.0      | 2.0      |
| **名义GDP**              | %，同比            | 6.7    | 5.3    | 4.6   | 4.6      | 5.1   | 5.1      | 4.6     | 4.6     | 4.5      | 4.6      | 5.4      | 5.3      | 4.9      | 4.8      |
|                         | %，环比折年        | 2.9    | 6.0    | 4.6   | 4.6      | 4.7   | 4.7      | 2.9     | 6.0     | 4.6      | 4.7      | 6.2      | 5.6      | 3.1      | 4.3      |
| 名义GDP水平              | 十亿美元，折年     | 27,812 | 29,298 | 30,638| 30,638   | 32,197| 32,197   | 30,042  | 30,486  | 30,833   | 31,191   | 31,662   | 32,096   | 32,345   | 32,683   |
| **实际GDP分项**          |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| 个人消费支出             | %，同比            | 2.6    | 2.9    | 2.5   | 2.5      | 2.1   | 1.8      | 3.1     | 2.7     | 2.4      | 1.8      | 2.2      | 2.1      | 1.9      | 2.0      |
|                         | %，环比折年        | 0.6    | 2.5    | 2.8   | 2.8      | 1.5   | 1.5      | 0.6     | 2.5     | 2.8      | 1.5      | 2.2      | 1.9      | 2.0      | 2.1      |
| 国内私人投资总额         | %，同比            | 0.8    | 3.0    | 2.6   | 2.6      | 3.9   | 1.8      | 5.9     | 0.0     | 0.9      | 3.6      | 0.1      | 5.4      | 5.1      | 5.0      |
|                         | %，环比折年        | 23.3   | -13.8  | 4.6   | 4.6      | 3.4   | 3.4      | 23.3    | -13.8   | 4.6      | 3.4      | 7.8      | 5.7      | 3.7      | 2.8      |
| 1) 住宅                  | %，同比            | -7.8   | 3.2    | -2.2  | -2.2     | 0.0   | 0.0      | -0.9    | -1.7    | -2.3     | -4.0     | -3.2     | -1.1     | 1.6      | 3.1      |
|                         | %，环比折年        | -1.0   | -5.1   | -7.0  | -7.0     | -3.0  | -3.0     | -1.0    | -5.1    | -7.0     | -3.0     | 2.4      | 3.6      | 3.5      | 2.8      |
| 2) 非住宅                | %，同比            | 7.3    | 2.9    | 4.6   | 4.6      | 4.5   | 4.5      | 2.8     | 4.0     | 4.8      | 6.8      | 5.7      | 4.8      | 3.9      | 3.6      |
|                         | %，环比折年        | 9.5    | 7.3    | 6.4   | 6.4      | 4.0   | 4.0      | 9.5     | 7.3     | 6.4      | 4.0      | 5.0      | 4.0      | 2.7      | 2.8      |
| 3) 私人存货变化 (季节调整)| 十亿美元，折年     | 47     | 43     | 34    | 34       | 50    | 50       | 172     | -18     | -11      | -5       | 30       | 50       | 60       | 60       |
| 政府消费支出和投资       | %，同比            | 3.5    | 3.8    | 1.3   | 1.3      | 0.0   | 0.9      | 2.7     | 1.9     | 0.9      | -0.3     | 0.0      | 0.0      | -0.2     | 0.3      |
|                         | %，环比折年        | -1.0   | -0.1   | 1.4   | 1.4      | -1.6  | -1.6     | -1.0    | -0.1    | 1.4      | -1.6     | 0.2      | 0.2      | 0.3      | 0.6      |
| 商品和服务出口           | %，同比            | 2.8    | 3.6    | 0.6   | 0.6      | 0.8   | 0.8      | 2.1     | 1.5     | -0.7     | -0.4     | -0.2     | 0.6      | 1.2      | 1.6      |
|                         | %，环比折年        | 0.2    | -1.8   | -0.4  | -0.4     | 0.5   | 0.5      | 0.2     | -1.8    | -0.4     | 0.5      | 1.0      | 1.5      | 2.0      | 2.1      |
| 商品和服务进口           | %，同比            | -0.9   | 5.8    | 3.5   | 2.8      | -0.7  | -0.7     | 13.2    | 1.8     | -0.4     | -0.3     | -7.5     | 1.4      | 1.7      | 2.2      |
|                         | %，环比折年        | 38.0   | -29.3  | 1.0   | 1.0      | 2.0   | 2.0      | 38.0    | -29.3   | 1.0      | 2.0      | 2.5      | 2.0      | 2.2      | 2.0      |
| 净出口 (季节调整)       | 十亿美元，折年     | -925   | -1,033 | -1,144| -1,144   | -1,094| -1,094   | -1,381  | -1,058  | -1,070   | -1,067   | -1,083   | -1,092   | -1,099   | -1,104   |
| **通胀**                 |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| CPI                      | %，同比            | 4.1    | 3.0    | 2.9   | 2.8      | 3.3   | 2.9      | 2.7     | 2.5     | 3.0      | 3.3      | 3.2      | 3.5      | 3.3      | 3.0      |
| 核心CPI                  | %，同比            | 4.8    | 3.4    | 3.0   | 3.0      | 3.3   | 3.3      | 3.1     | 2.8     | 3.0      | 3.2      | 3.4      | 3.5      | 3.3      | 2.9      |
| PCE                      | %，同比            | 3.8    | 2.6    | 2.7   | 2.7      | 3.2   | 2.7      | 2.6     | 2.4     | 2.7      | 3.0      | 3.2      | 3.3      | 3.2      | 2.9      |
| 核心PCE                  | %，同比            | 4.2    | 2.9    | 2.9   | 2.9      | 3.1   | 2.8      | 2.8     | 2.7     | 2.9      | 3.1      | 3.2      | 3.2      | 3.1      | 2.8      |
| **劳动力市场**          |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| 失业率                   | %                  | 3.6    | 4.1    | 4.2   | 4.2      | 4.3   | 4.4      | 4.1     | 4.2     | 4.3      | 4.4      | 4.3      | 4.3      | 4.3      | 4.3      |
| 劳动参与率               | %                  | 62.6   | 62.4   | 62.6  | 62.6     | 62.4  | 62.4     | 62.5    | 62.4    | 62.3     | 62.3     | 62.3     | 62.3     | 62.4     | 62.4     |
| 非农就业人数月均变化     | 千人                | 216    | 168    | 58    | 67       | 80    | 81       | 111     | 55      | 37       | 30       | 50       | 80       | 90       | 100      |
| **财政**                 |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| 联邦政府预算赤字         | 占GDP的比例        | 6.3    | 6.6    | 6.2   | 6.2      | 7.0   | 6.4      | -       | -       | -        | -        | -        | -        | -        | -        |
| 联邦政府实际赤字         | 占GDP的比例        | 6.2    | 6.4    | 5.8   | 5.8      | 6.9   | 6.9      | -       | -       | -        | -        | -        | -        | -        | -        |
| 公众持有的美债存量       | 占GDP的比例        | 95.5   | 96.9   | 98.5  | 100.6    | 100.6 | 101.7    | -       | -       | -        | -        | -        | -        | -        | -        |
| **货币**                 |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| 联邦基金目标利率         | %                  | 5.5    | 4.50   | 3.75  | 3.74     | 3.25  | 3.08     | 4.50    | 4.50    | 4.25     | 3.75     | 3.75     | 3.50     | 3.25     | 3.25     |
| 10年期国债收益率         | %，期末值           | 3.5    | 4.58   | 4.15  | 4.12     | 4.30  | 4.07     | 4.23    | 4.24    | 4.16     | 4.15     | 4.20     | 4.20     | 4.30     | 4.30     |
| 美联储总资产 (期末)     | 十亿美元            | 8,706  | 6,886  | 6,590 | 6,590    | 6,590 | 6,590    | 6,740   | 6,662   | 6,608    | 6,590    | 6,590    | 6,590    | 6,590    | 6,590    |
| **外汇**                 |                    |        |        |       |          |       |          |         |         |          |          |          |          |          |          |
| 美元指数 (平均值)        | 1973年3月=100       | 103.4  | 104.2  | 100.7 | 100.7    | 96.2  | 96.2     | 106.7   | 99.7    | 98.0     | 98.4     | 98.1     | 96.3     | 95.3     | 95.1     |
| 美元指数 (期末)          | 1973年3月=100       | 101.4  | 108.5  | 99.0  | 99.0     | 95.0  | 95.0     | 104.2   | 96.8    | 97.8     | 100.0    | 97.2     | 95.4     | 95.2     | 95.0     |

### 资料来源  
Haver, Wind, 彭博, 华泰研究预测<|end_of_box|>
所属报告:
2026美国宏观展望:不均衡的经济“再加速”-251103(23页).pdf
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率,但不同群体受益程度存在差异,可能加剧美国业已存在的收入和财富不平等,加剧美国收入与财富的 K 型化趋势。AI 技术可能显著增强高技能劳动者、资本所有者和技术开发者的议价能力,导致其与中低收入者的工资差距扩大,劳动在收入分配中的占比进一步下降。此外,美国股票集中在极高收入群体。2025 年二季度,收入在前 10%的群体持有了87%的公司股票与共同基金资产,剩余群体仅持有 13%,而后者在 2009 年尚持有 20%以上(图表 43)。AI 所带来财富的增加更多利好极高收入群体。由于高收入群体的边际消费倾向较低,若财富过度向其集中,整体消费需求的增量可能受限。美国就业、收入、财富更加“K 型化”,这也将导致政治“极化”趋势难以逆转(图表 44)。
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2026美国宏观展望:不均衡的经济“再加速”-251103(23页).pdf
美股财富效应对居民消费有所支撑
我们预计2026全年美国实际GDP同比为2.3%
我们预计2026年美国实际GDP季环比折年增速均值达到
2025-26年美国宏观经济预测
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