Retail Rescue

Industrial production in China slowed to 4.8% in July, the lowest since 2/02, and 19Q2 GDP grew 6.2%, the slowest since 1992. British GDP shrank at an annualized rate of 0.8% in 19Q2, and German GDP fell 0.1% in 19Q2. But US retail sales grew by a spectacular 0.7% in July and 19Q3 US GDP growth should come in at 2%. Kudos to US shoppers; they’re propping up the planet.