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Strong U.S. retail sales ease gloom over economy
WASHINGTON (Reuters) - U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, helping to assuage financial market fears that the economy was heading into recession.The upbeat report from the Commerce Department on Thursday, however, will likely not change expectations that the Federal Reserve will cut interest rates again next month as news from the manufacturing sector remains dour, underscoring the darkening outlook for the economy against the backdrop of trade tensions and slowing growth overseas. President Donald Trump cheered the strong retail sales data, which came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007 and triggered a stock market sell-off. An inverted Treasury yield curve is historically a reliable predictor of looming recessions. Posted by: Besoeker 2019-08-16 |
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