U.S. economy slowing, but consumers limiting downside
(Worthy News) – U.S. economic growth slowed in the second quarter, the government confirmed on Thursday, but the strongest consumer spending in 4-1/2 years amid a solid labor market threw cold water on financial market expectations of a recession.
Signs that the economy was growing at a moderate pace and not slowing rapidly were underscored by other data showing a narrowing in the goods trade deficit in July as exports rebounded. Businesses stepped up inventory accumulation last month, likely in anticipation that demand would remain strong.
Consumers have so far shown no signs of pulling back, with retail sales powering ahead in July. But there are fears the Trump administration’s year-long trade war with China, which will see additional tariffs on Chinese goods coming into effect in September and December, could take the sails out of consumer spending. [ Source: Reuters (Read More…) ]
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