June 30, 2022
US Consumer Spending Cools in Sign of Economy on Weaker Footing
US consumer spending fell in May for the first time this year and prior months were revised lower, suggesting an economy on somewhat weaker footing than previously thought amid rapid inflation and Federal Reserve interest-rate hikes. Purchases of goods and services, adjusted for changes in prices, decreased 0.4% after a downwardly revised 0.3% gain a month earlier, Commerce Department data showed Thursday. Spending on services advanced while outlays for goods declined.
UK Housing Market Sees Signs of a Slowdown After BOE Rate Hikes
UK household incomes are on their longest downward trend on record, as the nation’s cost of living crisis saps the spending power of British households.
China’s Xi Declares Hong Kong Is ‘Reborn’ After Overcoming Risks
President Xi Jinping said Hong Kong had been “reborn” since he last visited five years ago, as he returned to the former British colony to mark its 25th anniversary of Chinese rule. “After the storm, Hong Kong has been reborn from the ashes, showing vigor and vitality,” the Chinese leader said in a short speech Thursday afternoon at West Kowloon railway station. His comments were an apparent reference to the sweeping security law Beijing imposed in 2020 that crushed dissent after mass anti-government unrest.
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