US retail sales rebound strongly; manufacturing production slumps ...Qatar

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US retail sales rebound strongly; manufacturing production slumps
US retail sales rebounded strongly in June as Americans spent more on gasoline and other goods amid soaring inflation, which could allay fears of an imminent recession but not change the view that economic growth in the second quarter was tepid. The economic picture is, however, becoming increasingly muddled. Manufacturing production slumped for a second straight month in June, other data showed yesterday, implying softening demand as the Federal Reserve aggressively tightens monetary policy to bring inflation down to its 2% target. The retail sales data followed on the heels of news this week that annual consumer prices surged last month by the most since late 1981. The economy also contin

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