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China’s retail sales grew much slower than expected in August

People walk outside the Taikoo Li Sanlitun mall in the Sanlitun shopping area on August 31, 2021.

Artyom Ivanov | TASS | Getty Images

Beijing — China’s retail sales rose 2.5% disappointing in August from a year ago as it addressed the worst Covid-19 outbreak since the first epidemic in early 2020.

Data on consumer spending released by the National Bureau of Statistics on Wednesday were well below the 7% growth forecast by Reuters polled analysts.

Industrial production growth was also slightly below expectations, with August growth up 5.3% from the 5.8% forecast.

Data show that fixed asset investment in the first eight months of the year increased by 8.9% from a year ago.

Mainland China suppressed the outbreak of highly contagious delta mutants in late July by mid-August. Under Beijing’s “zero tolerance” policy, authorities have imposed travel restrictions and local blockades domestically during most of the summer vacation.

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Last month’s numbers are also compared to a higher base than in the first half of this year, as China has already emerged most of the time since the peak of the coronavirus pandemic last summer.

The unemployment rate in the city remained unchanged from July at 5.1% in August, but the unemployment rate between the ages of 16 and 24 dropped to only 15.3%.

This is breaking news. Please check for updates.

— CNBC’s Yen Nee Lee contributed to this report.

China’s retail sales grew much slower than expected in August

Source link China’s retail sales grew much slower than expected in August

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