美国7月经济数据呈现冷热不均的格局。消费者价格指数同比上升3.4%，环比上升0.1%，较6月的3.5%有所下降[1]。生产者价格指数同比涨幅也明显回落至4.7%，低于6月的5.5%[1]。然而，零售销售环比下滑0.6%，创2025年5月以来最大跌幅[1]，反映出消费者支出动力不足。
房地产市场持续遇冷。现有房屋销售7月环比下滑1.7%至年率406万套[1]，而美国中位数房价同比上升2%，达434,100美元，创7月历史新高[1]。30年期固定利率抵押贷款率为6.67%，15年期为5.96%[1]，较高的融资成本进一步抑制了购房需求。
劳动力市场维持稳定但存在隐忧。初请失业金为209,000人，四周平均为199,000人[1]，美国失业率为4.1%[1]。值得关注的是，消费者物价已连续四个月涨幅超过工资增长[1]，对家庭实际购买力造成压力。
The U.S. consumer price index rose 3.4% year-over-year in July, down from 3.5% in June, with monthly prices climbing 0.1% [1]. While this slowdown signals progress on inflation, economic momentum has stalled as retail sales fell 0.6% in July—the largest decline since May 2025 [1]. Producer prices also retreated, rising 4.7% annually compared to 5.5% the previous month [1].
Housing data reflected broader weakness, as existing home sales declined 1.7% to an annual rate of 4.06 million units [1]. Despite softer demand, median home prices reached a July record of $434,100, up 2% year-over-year [1]. Mortgage rates remained elevated, with 30-year fixed-rate loans at 6.67% and 15-year rates at 5.96% [1]. The labor market showed resilience, with initial jobless claims at 209,000 and the four-week average at 199,000, while the unemployment rate held steady at 4.1% [1]. However, consumer prices have now outpaced wage growth for four consecutive months, adding pressure on household budgets [1].