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Wall Street sees best day of trading in nearly two years amid recovery rally
Over in China, manufacturers continued to cut their prices last month, but consumer inflation picked up.
China’s producer price index (PPI), which measures costs for goods at the factory gate, fell by 0.8% year on year in July, the National Bureau of Statistics reported.
Prices of pork, a widely consumed food staple in China, surged by 20.4% year-on-year in July. That was the biggest increase since December 2022, according to Wind Information.
Pork prices play a significant role in China’s consumer price index, but can be prone to large swings due to disease or other factors affecting production.
“Although the US economy now looks to be growing at a rate slightly below trend, fears of a recession look premature.
Recent consumer spending data points to a normalization from elevated levels rather than a period of weakness.”
