Concerns about a slowdown in the American economy have eased after reports showed that retailers and industries enjoyed a strong May. Headline retail sales climbed by 0.5 per cent month-on-month as core sales, which exclude volatile vehicle, fuel, building materials and food services sales, also rose by 0.5 per cent, which was more than economists had expected. Industrial production, which covers manufacturing, mining and electric and gas utilities, climbed by 0.4 per cent month-on-month, double the growth that economists had forecast and up from a 0.4 per cent contraction in April. The data came after a string of weak economic numbers, including a poor jobs report, last week. Most economists believe that the US Federal Reserve will cut its base interest rate this year to…

Source: The Times June 14, 2019 23:04 UTC