美国经济距离实质性衰退还远么？

明晰笔谈2022-10-28

核心观点私人库存下降速度放缓，企业投资与政府支出增加，贸易逆差缩小，叠加服务消费保持韧性推动了三季度美国GDP实现略超预期的正增长。但当前美国经济部分产业已经出现衰退信号，尤其是房地产市场。美国经济已处于衰退边缘，未来需关注当前仍具有韧性的工业、服务业、劳动力市场的走势，我们维持此前美国经济或于明年上半年实质性衰退的观点。三季度核心PCE通胀粘性仍较高，仍然维持美联储加息至明年一季度，加息终点为...

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recession?","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/eadc35fabecaaffd1861da97f2a5d9a6","symbols_score_info":{".DJI":0.9},"content_text":"核心观点私人库存下降速度放缓，企业投资与政府支出增加，贸易逆差缩小，叠加服务消费保持韧性推动了三季度美国GDP实现略超预期的正增长。但当前美国经济部分产业已经出现衰退信号，尤其是房地产市场。美国经济已处于衰退边缘，未来需关注当前仍具有韧性的工业、服务业、劳动力市场的走势，我们维持此前美国经济或于明年上半年实质性衰退的观点。三季度核心PCE通胀粘性仍较高，仍然维持美联储加息至明年一季度，加息终点为5%左右的判断。美国三季度GDP虽然超预期，但是可持续性存疑，部分行业已出现衰退迹象。美国三季度实际GDP环比折年率转正，初值录得2.6%；三季度核心PCE物价指数初值为4.5%，与预期一致，略低于二季度的4.7%，反映出当前核心通胀仍具有高粘性。在美联储持续鹰派加息的环境下，作为利率敏感的美国房地产市场已经开始恶化，美国消费的韧性持续性料将有限，已经出现疲软迹象，三季度出现的贸易逆差缩小的情形较难持续，尤其是美元强势会继续导致美国商品竞争力下降，企业投资放缓趋势将持续，因此美国三季度经济较强劲的亮眼表现或为昙花一现。美国经济增长的韧性有所分化，房地产或已陷入衰退，消费的韧性持续性料将有限，非住宅投资增速存在四季度负增长的可能性。利率敏感的房地产已经出现衰退迹象，美联储激进加息推升抵押贷款利率大幅上行，房地产多项指标均显示出美国经济即将衰退的风险较高。通胀持续高位运行的背景下，未来储蓄以及收入对于消费的支撑较弱，第三季度实际个人消费支出环比折年率下滑，消费预计将继续疲软。贷款条件收紧、利率上行会对需求以及利润造成下行压力，美国非住宅投资增速预计将缓慢增长，存在四季度负增长的可能性。而工业、服务业相关指标还未落入警示区间，叠加就业市场指标表现良好，显示当前经济衰退风险偏低。往往是工业总体产出指数同比增速1至2个季度骤降至零（需后续继续下降）是经济衰退的开始的标志。但目前工业总产出增速稳定在警示区间（0%至2.5%）的上限附近，还未出现骤降迹象；相似的，非制造业PMI仍高于55，因此当前经济衰退风险偏低。同时，美国就业市场仍具有韧性，萨姆规则衰退指标和新增非农就业人数指标显示当前美国经济难言已经步入衰退。通胀大幅回落至少需等待明年，美联储或在明年一季度停止加息。我们认为年内存在美联储放缓加息的可能性，需高度关注11月议息会议美联储对于未来加息路径的表态。通胀大幅回落至少需等待明年，当前供给端压力有所缓解，但需求仍具有韧性，叠加能源价格未来下跌空间有限，年内通胀回落速度或偏慢。考虑到美国经济下行压力，若供应端没有新的冲击，美联储或于明年一季度停止加息。从泰勒规则以及实际利率角度来看，加息终点水平位于5%左右是合意的紧缩水平。结论：虽然三季度美国GDP超预期反弹，但目前美国房地产已经出现明显的衰退迹象，美国消费未来的韧性以及贸易逆差缩窄趋势或难持续，企业投资预计也将继续放缓，但目前工业生产、服务行业仍景气，劳动力市场仍偏强，美国经济下行的广度预计还未达到实质性衰退，预计或于明年上半年步入实质性衰退。美联储加息节奏仍然是高度依赖数据，同时加息放缓时点已经临近。加息放缓时点需高度关注后续重要数据以及美联储表态，存在加息于今年12月放缓的可能性，考虑到美国经济下行压力，美联储或于明年一季度停止加息，加息终点或为5%左右。私人库存下降速度放缓，企业投资与政府支出增加，贸易逆差缩小，叠加服务消费保持韧性推动了三季度美国GDP实现略超预期的正增长。但当前美国经济部分产业已经出现衰退信号，尤其是房地产市场。美国经济已处于衰退边缘，未来需关注当前仍具有韧性的工业、服务业、劳动力市场的走势，我们维持此前美国经济或于明年上半年实质性衰退的观点。三季度核心PCE通胀粘性仍较高，仍然维持美联储加息至明年一季度，加息终点为5%左右的判断。美国部分行业已出现衰退迹象，衰退时点临近美国三季度实际GDP环比折年率初值转正，录得2.6%，略超预期的2.4%，三季度核心PCE物价指数初值为4.5%，与预期一致，略低于二季度4.7%。美国二季度实际GDP环比折年率终值为-0.6%，三季度环比折年率初值为2.6%，略超市场预期。第三季度美国实际GDP环比上升主要由于私人库存下降规模减少、企业投资有所反弹、贸易逆差缩窄（进口需求下滑并且出口增速小幅上升）、政府支出转为增加以及服务消费仍具有韧性。三季度核心PCE环比仅小幅下降，反映出当前核心通胀仍具有高粘性。虽然美国部分行业当前已具有较高的衰退风险，但经济恶化风险的广度仍有限，美国经济已临近衰退时点，或在明年上半年步入实质性衰退。在美联储持续鹰派加息的环境下，作为利率敏感的美国房地产市场已经开始恶化，美国消费的韧性持续性料将有限，已经出现疲软迹象，三季度出现的贸易逆差缩小的情形较难持续，尤其是美元强势会继续导致美国商品竞争力下降，企业投资放缓趋势将持续，因此美国三季度经济较强劲的亮眼表现或为昙花一现。从其他经济指标来看，当前工业、服务业仍存在韧性，劳动力市场仍偏强劲。因此虽然目前美国经济已经出现大幅放缓，但是经济放缓的广度或还未达到实质性衰退的境地，但衰退时点或已临近，美国或在明年上半年步入实质性衰退。美国经济增长的韧性有所分化，房地产或已陷入衰退利率敏感的房地产市场已经出现衰退迹象，或已步入衰退。美联储激进加息推升抵押贷款利率大幅上行，当前15年期以及30年期抵押贷款利率已位于2006年的6%-7%的水平，已大幅高于金融危机后、疫情冲击前较长一段3%-4%的水平。因而较多购房者停下脚步观望，住房销售数据大幅下滑，8月标普／Case-Shiller全美房价指数环比大幅下滑，下降幅度快与08年金融危机时期，房地产开发商业因此减缓开工速度。当前房价环比已连续大幅负增长，住房销售数据已跌入危险区间（45-60万套），住房开工规模即将跌入警示区间（120万套-140万套），房地产多项指标均显示出美国经济即将衰退的风险较高。考虑季节性因素以及美联储短期不会停止加息步伐，因此房地产市场预计将继续下行，进一步拖累美国GDP。通胀持续高位运行的背景下，未来储蓄以及收入对于消费的支撑较弱，消费预计将继续疲软。实际收入增速以及实际存款增速是消费支出的核心决定因素之一，而高通胀会侵蚀居民收入水平以及储蓄水平。基于对超额储蓄的测算，疫情冲击后居民获得的超额储蓄或于四季度消耗殆尽，实际收入增速已突破警戒范围的下限，未来超额储蓄以及收入对于消费的支撑将较有限。第三季度实际个人消费支出环比折年率下滑，继续处于1%-3%的区间为经济（即将）衰退的迹象。而工业、服务业相关指标还未落入警示区间，显示其发展仍具有韧性。工业总体产出指数与经济的同步性较强，往往是工业总体产出指数同比增速1至2个季度骤降至零（需后续继续下降）是经济衰退的开始的标志。但目前工业总产出增速稳定在警示区间（0%至2.5%）的上限附近，还未出现骤降迹象，相似的，非制造业PMI仍高于55。从这两个指标判断，当前经济衰退风险偏低，若工业总产出增速骤降至0以下、非制造业PMI降至50以下或反映出美国经济即将或已经步入衰退。贷款条件收紧、利率上行会对需求以及利润造成下行压力，美国非住宅投资增速预计将缓慢增长，存在四季度负增长的可能性。非住宅投资三季度边际好转，环比增速由二季度0.1%反弹至3.7%，对三季度GDP的贡献率为0.49%，虽然或由于上季度低基数，三季度企业投资环比增速有所好转，但整体仍然为趋势性下行。高通胀以及快速提升的利率水平导致美国需求快速回落，9月制造业PMI快速回落至50.9，PMI新订单已下降至47.1，2022年第二季度贷款标准已开始收紧，目前企业杠杆率处于历史高位，美联储继续鹰派加息对于企业财务的负面影响预计将逐步显现。叠加目前经济下行风险较大，企业对于未来经营业绩的预期偏悲观，企业投资的下行趋势将持续，存在快速恶化的风险，企业投资环比增速或于今年四季度或明年上半年转为负增长。美国就业市场仍具有韧性首先，失业率较此前低点上升0.5%及以上是较好的经济衰退的同步指标，而该指标显示出当前美国劳动力市场仍偏强劲，美国经济难言已经步入衰退。美联储经济学家Claudia Sahm提出了一个预示经济衰退开始时点的指标：萨姆规则衰退指标（Sahm Rule Recession Indicator）（Sahm，2019）【1】 ，该指标构造方式为3个月平均失业率与前12个月的低点的差值。萨姆衰退指标大于0.5%则预示经济正处于衰退之中，该指标准确的指示了1970年后的每一次经济衰退，可以在NBER宣布经济衰退开始时点前（NBER宣布衰退存在滞后性）判断出经济是否陷入了衰退。因此，基于该指标当前美国经济难言已经步入衰退。【1】Sahm C. Direct stimulus payments to individuals[J]. Recession ready: Fiscal policies to stabilize the American economy, 2019: 67-92.同时新增非农就业人数虽然趋弱但还未触发经济衰退的信号。新增非农就业人数下降至10至20万人的区间是一种经济衰退风险较大的迹象，而新增非农就业人数向下突破10万人（出现继续下行趋势而非震荡态势的时点）是经济衰退较为准确的同步指标。1960年以来，该信号仅在1967年误判了，指标的准确性较高并且同步性较强，该指标突破10万人时点通常略领先经济衰退，平均领先经济衰退时点1个月。9月新增非农就业人数（3个月平均）为37.17万人，离10万人还有一定的距离，短期经济衰退的可能性较小，但经济恶化会导致就业市场迅速转弱，未来非农数据存在快速恶化，出现经济衰退迹象的可能性。美联储加息存在于12月放缓的可能性对于年内加息节奏而言，存在美联储放缓加息的可能性，需高度关注11月议息会议美联储对于未来加息路径的表态。上周五《华尔街日报》发布文章暗指美联储在考虑放缓加息时点，一些美联储官员近期表示美联储应该开始计划减少加息幅度并表达了对于过于激进加息的担忧。市场对于经济的担忧上升，加息预期有所下调，美元指数以及美债利率下行。未来美联储是否会在12月放缓加息至50bps，需高度关注即将披露的美国GDP等经济数据、后续美国通胀数据以及美联储在11月议息会议的表态。若美国经济数据恶化较快且美国通胀粘性仍较高，存在美联储于12月放缓加息但上调美联储加息终点预测（9月为4.6%）的可能性。但是长期来看，通胀大幅回落至少需等待明年。当前供给端压力有所缓解，纽约联储供应链压力指数连续多个月下降，货运指数大幅下降，美国港口等待时间趋于常态。但需求仍具有韧性，薪资增长短期预计仍将高位运行，导致核心商品与核心服务通胀粘性较高，叠加能源价格未来下跌空间有限，年内通胀回落速度或偏慢。若地缘政治冲突不再进一步加剧，今年年底我们预计美国通胀水平或在6.8%-8.0%水平。预计明年上半年在货币紧缩滞后性影响的推动下，叠加基数效应，美国通胀可能会出现偏大幅回落，或在明年一季度回落至6%左右。美联储或于明年一季度停止加息，加息终点或为5%左右。今年年底以及明年一季度美国经济以及劳动力市场都将面临较高的恶化风险，控制通胀或于明年一季度出现一定进展，因此若供应端没有新冲击，美联储明年一季度停止加息概率较大。从泰勒规则以及实际利率角度来看，虽然年内存在美联储加息指引再度上调的可能性，但是预计加息终点水平位于5%左右是合意的紧缩水平。结论虽然三季度美国GDP超预期反弹，但目前美国房地产已经出现明显的衰退迹象，美国消费未来的韧性以及贸易逆差缩窄趋势或难持续，企业投资预计也将继续放缓，但目前工业生产、服务行业仍景气，劳动力市场仍偏强，美国经济下行的广度预计还未达到实质性衰退，预计或于明年上半年步入实质性衰退。美联储加息节奏仍然是高度依赖数据，同时加息放缓时点已经临近。加息放缓时点需高度关注后续重要数据以及美联储表态，存在美联储加息于今年12月放缓的可能性，考虑到美国经济下行压力，美联储或于明年一季度停止加息，加息终点或为5%左右。","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9986406129,"gmtCreate":1667001103661,"gmtModify":1676537846173,"author":{"id":"4105324555361630","authorId":"4105324555361630","name":"666六六六666","avatar":"https://community-static.tradeup.com/news/f17ce635622014b3976557e79bd7f1e5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4105324555361630","authorIdStr":"4105324555361630"},"htmlText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] 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