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Trump claims trade war is working as China’s growth hits 27-year low – business live

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Rolling coverage of the latest economic and financial news, including reaction to the latest Chinese GDP reportLatest: Trump says trade war is hurting ChinaEarlier:Alan Turing to feature on new £50Introduction: China’s growth rate drops to 6.2%Lowest levels since records began in 1992But industrial production and retail sales have strengthened 2.12pm BST Here’s Reuters take on those Trump trade war tweets:U.S. President Donald Trump on Monday pointed to slowing economic growth in China amid restarted trade talks, saying U.S. tariffs were having “a major effect” and warning that “possibly much more” were to come.Growth data released earlier on Monday showed the world’s second-largest economy had slowed to 6.2% in the second quarter, its weakest pace in at least 27 years amid ongoing trade pressure from the United States. 1.57pm BST America’s National Association of Manufacturers points out that the Empire manufacturing survey isn’t THAT good.
Factories may be growing again, at least in and around New York, but new orders are still down and employment level fell again.New York Fed: Manufacturers activity rebounded in July after contracting in June for the first time since October 2016. The headline index rose from -8.6 in June to 4.3 in July, with shipments and the average workweek expanding very modestly for the month. pic.twitter.com/WrMJ9YE8WiNonetheless, new orders and employment remained negative, with hiring declining for the second straight month and with its weakest reading since January 2016.At the same time, respondents to the Empire State Manufacturing Survey remain optimistic in their outlook for the next six months. Half of those completing the survey said that they anticipate higher sales over the coming months. Continue reading…



Source link : https://www.theguardian.com/business/live/2019/jul/15/china-growth-slow-trade-war-bank-of-england-50-note-business-live

Author : Graeme Wearden

Publish date : 2019-07-15 13:12:44

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