A shopper makes a purchase at the JC Penney department store in North Riverside, Illinois, the US. Picture: REUTERS
Economists said the strong readings likely did not fully capture the impact of the trade standoff between Washington and Beijing. The cut off date for the Conference Board survey was on May 16. The US raised existing tariffs on $200bn in Chinese goods to 25% from 10% on May 10, prompting Beijing to retaliate with its own levies on American imports.
The survey’s expectations index, based on consumers’ short-term outlook for income, business and labour market conditions, increased to a reading of 106.6 in May from 102.7 in April. While the sentiment surveys have been upbeat, the so-called hard economic data have weakened in recent months. Industrial production, durable goods orders, retail and home sales fell in April, suggesting the economy lost considerable momentum early in the second quarter after getting a lift from exports and an accumulation of unsold goods in warehouses in the first quarter.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
Source: SABC News Online - 🏆 32. / 51 Read more »
JSE could open slightly higher on Tuesday as Asian stocks recoverChinese internet and gaming giant Tencent was stronger, suggesting a strong opening for major shareholder Naspers
Source: BDliveSA - 🏆 12. / 63 Read more »