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US retail sales flat in June as consumption cools [Video]

Retail sales in the United States slipped less than analysts anticipated in June on a weaker performance in the auto and gas segments, government data showed Tuesday.

The slower consumption growth adds to recent data showing that the world’s biggest economy is cooling gradually — a trend likely to raise the central bank’s confidence that it can soon begin cutting interest rates.

To ease demand and bring inflation back down sustainably, the Federal Reserve has rapidly lifted the benchmark lending rate and in recent months, held it at a decades-high level.

But in June, overall retail sales was $704.3 billion, virtually unchanged from May’s figure, according to the Department of Commerce.

Meanwhile, May’s increase was revised slightly higher.

From a year ago, the rise in June was 2.3 percent, a cooldown from the prior month as well.

Analysts have long been expecting consumers to pull back as higher interest rates bite, lifting borrowing costs for consumers and …

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How China Is Rewiring Its Faltering Economy [Video]

Xi Jinping has a plan to fix his country’s faltering economy and offset the pain caused by the property crisis. The goal is to move up the value chain. Out with dirty, low-end manufacturing and in with new industries like solar and electric vehicles. The problem, however, is Chinese consumers aren’t spending. Also, Beijing faces a tense trade and geopolitical landscape with the US and Europe.00:00 Introduction 01:05 China’s growth story 01:54 Solar firm GCL 02:50 Hi-tech sectors04:05 Tariffs and weak consumption07:09 Model of success If you want to read more on China’s “great rewiring,” click here: https://trib.al/25srtVZFor more on Xi Jinping’s plans for the Chinese economy, click here: https://trib.al/4zPyDoh Sign up here for the Next China newsletter to get Bloomberg’s weekly dispatches from Beijing: https://trib.al/kX4Zyws--------Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginalsBloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.