美国经济展望：2025年回顾和2026年第一季度

Thank you for your interest inthis ECLAC publication Please register if you would like to receive information on our editorialproducts and activities. When you register, you may specify your particularareas of interest and you will gain access to our products in other formats. Register Find our social media channels and otherdissemination platforms at the following link: https://bit.ly/m/CEPAL This document was prepared by Helvia Velloso, Officer-in-Charge of the Economic Commission for Latin America andthe Caribbean (ECLAC) office in Washington, D.C. Thanks are owed to David Muñoz and Itzel Rosas for their valuable support with research. Unless otherwise indicated, the cut-off date for the information used to prepare this report is 28 May 2026. Economicindicators are sourced from official statistics, and market information is drawn from market reports when presentingmarket views. The United Nations and the countries it represents assume no responsibility for the content of links, hyperlinks orbookmarks to external sites in this publication. Mention of any firm names and commercial products or services does not imply endorsement by the United Nationsor the countries it represents. The views expressed in this document, which has been reproduced without formal editing, are those of the authorsand do not necessarily reflect the views of the Organization or the countries it represents. United Nations publicationLC/WAS/TS.2026/2Distribution: LCopyright © United Nations, 2026All rights reservedPrinted at United Nations, SantiagoS.2600362[E] This publication should be cited as: Economic Commission for Latin America and the Caribbean. (2026).United Stateseconomic outlook: 2025 year-in-review and first quarter of 2026(LC/WAS/TS.2026/2). Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission forLatin America and the Caribbean (ECLAC), Documents and Publications Division, publicaciones.cepal@un.org.Member States and their governmental institutions may reproduce this work without prior authorization but arerequested to mention the source and to inform ECLAC of such reproduction. Contents Highlights............................................................................................................................................................. 5Overview............................................................................................................................................................... 7I.2025 Year-in-Review.............................................................................................................................. 13A.Annual GDP growth................................................................................................................................. 14B.Industrial production ............................................................................................................................... 16C.Retail sales ...............................................................................................................................................17D.Labor market........................................................................................................................................... 18E.Inflation................................................................................................................................................... 20F.Monetary policy ...................................................................................................................................... 21G.Fiscal policy ............................................................................................................................................. 23H.Financial conditions................................................................................................................................. 23I.External sector ........................................................................................................................................ 25II.First Quarter of 2026.............................................................................................................................. 27A.Quarterly GDP Growth ............................................................................................................................ 28B.Industrial production ............................................................................................................................... 29C.Retail sales .............................................................................................................................................. 30D.Labor market........................................................................................................................................... 31E.Inflation...................................................................................................................................