The latest estimates show robust consumer demand in the U.S., while China's reports continue to paint a different picture.
Government figures released last week show the world's largest economy grew more than expected in the second quarter, buoyed by U.S. consumer spending, while China posted lower growth amid persistent headwinds.The gap between the top two economies widened again last year, according to World Bank data. China was once widely expected to exceed the size of the U.S.
sanctions on China, could drag on this growth.U.S. inflation moderated to around 3 percent in June, the lowest level in over three years, as per the Consumer Price Index report. This decline in inflation comes as the Federal Reserve considers cutting interest rates.The Fed has kept these at a 23-year high of 5.25-5.5 percent over a year as it seeks to cool the economy and bring down inflationary pressures.
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