US inflation drops after cheaper gas while China growth weakens
Big shifts in the world economy: US inflation just dropped for the first time in six years, thanks to cheaper gas. That's given people some breathing room and a little extra to spend on fun stuff.
Meanwhile, China's economic growth has slowed to its lowest point in more than three years, missing government targets and raising concerns about what's next.
US confidence up, China spending urged
In the US lower prices have lifted spirits: consumer confidence hit a five-month high and retail sales got a small boost (helped by discounts and even the FIFA World Cup).
Over in China, slow growth has policymakers pushing for more public spending to jumpstart things.
And it's not just these two: places like Venezuela are struggling with soaring inflation after twin earthquakes, highlighting how different countries are facing their own tough challenges right now.