U.S. GDP grew 4.3% in July-September, the highest growth rate in two years, fueled by active consumption by the wealthy

 Recently CNN.co.jp reported the following:

米GDP、7～9月期は4.3％増　2年ぶりの高成長　富裕層の消費活発

2025.12.24 Wed posted at 13:44 JST

 （CNN） 米商務省が23日に発表した2025年7〜9月期の国内総生産（GDP）は年率換算で前期比4.3%増だった。4〜6月期の3.8%増を上回り、2年ぶりの高い成長率となった。

7〜9月期のGDPを押し上げた主な要因は、個人消費が前期の2.5%増から3.5%増へと加速したことと、輸出が前期の1.8%減から8.8%増へと回復したことだ。

連邦政府の支出も大きく寄与した。これは防衛費の大幅な増加と、政府支出削減に向けた取り組みの一環である連邦職員の早期退職制度による支出増を反映している。

トランプ大統領は23日、今回のGDPについて、7〜9月期に大幅に引き上げた自身の広範な関税政策の成果だと主張した。ただ、連邦最高裁判所で係争中の訴訟によって、多くの関税が無効となり、輸入業者に多額の還付が生じる可能性もある。

トランプ氏は自身のSNS「トゥルース・ソーシャル」に、「今、発表された素晴らしい米国の経済指標は関税のおかげだ」と投稿した。

 経済状況は複雑

GDPは経済全体を俯瞰（ふかん）する指標だ。その視点では、経済は堅調に見える。しかし、細かく見ていくと必ずしも楽観的とは言えない状況が浮かび上がる。

富裕層の米国人が個人消費の伸びの大部分を支えている一方で、低所得層や中間層の消費者は、より慎重な姿勢を取っている。経済学者はこの現象を「K字形経済」と呼ぶ。

GDP発表から2時間足らず後、民間調査会社コンファレンス・ボードが発表した12月の消費者信頼感指数は89.1と、前月比3.8ポイント低下した。

また、全ての所得層の消費者が雇用情勢に対する懸念を強めている。失業率は最近、4年ぶりの高水準に達した。仕事が「十分にある」と答えた人の割合は、4年ぶりの低さとなった。

Translation

U.S. GDP grew 4.3% in July-September, the highest growth rate in two years, fueled by active consumption by the wealthy

(CNN) The U.S. Commerce Department announced on the 23rd that gross domestic product (GDP) for the July-September quarter of 2025 grew 4.3% annualized from the previous quarter. Surpassing the 3.8% increase in the April-June quarter, this was the highest growth rate in two years.

The main factors driving the GDP increase in the July-September quarter were an acceleration in personal consumption, from 2.5% growth in the previous quarter to 3.5%, and a recovery in exports, from a 1.8% decline in the previous quarter to an 8.8% increase.

Federal government spending also contributed significantly, reflecting a significant increase in defense spending and increased spending on the federal early retirement program, part of efforts to reduce government spending.

On the 23rd, President Trump claimed that the latest GDP figures were the result of his sweeping tariff policies, which were significantly increased in the July-September quarter. However, a lawsuit pending before the Federal Supreme Court could invalidate many tariffs, resulting in substantial refunds to importers.

Trump posted on his social media account, "Truth Social," saying, "These great U.S. economic figures just came out are all thanks to tariffs."

The economic picture was complicated

GDP was a broad-based indicator of the economy. From that perspective, the economy appeared strong. However, a closer look showed a less optimistic picture.

While wealthy Americans were driving the majority of consumer spending growth, low- and middle-class consumers were becoming more cautious. Economists called this a "K-shaped economy."

Less than two hours after the GDP release, the Conference Board's consumer confidence index for December fell to 89.1, down 3.8 points from the previous month.

 Also, consumers across all income groups were increasingly concerned about the employment situation. The unemployment rate recently reached a four-year high, and the percentage of people who said they had "enough" jobs was at a four-year low.

So, as wealthy Americans are driving the majority of consumer spending growth, low- and middle-class consumers are becoming more cautious. Economists call this a "K-shaped economy." Apparently, the low- and middle-class are feeling the economy pressure.