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MNI DATA BRIEF: China's Aug Retail Sales Slows To Over 1Y Low

MNI (Singapore)
SINGAPORE (MNI)

China's retail sales growth slumped to more than one-year low in August as the sporadic outbreak of local Covid-19 cases and floods dampen consumption especially traveling and catering, while other macroeconomic indicators also slowed down more than expected, the National Bureau of Statistics said on Wednesday.

RETAIL SALES, INDUSTRIAL PRODUCTION

Retail sales rose 2.5% y/y in July, plummeting from July's 8.5% gain. The measure grew 18.1% in the Jan-Aug period, slower than 20.7% in Jan-July. Industrial production grew 5.3% y/y in August, down from the 6.4% gain in July.

INVESTMENT, UNEMPLOYMENT

Fixed-asset Investment rose 8.9% y/y in Jan-Aug period, from 10.3% in Jan-July. Manufacturing investment rose 15.7% in Jan-Aug, compared to 17.3% y/y in Jan-July. Infrastructure and property investment growth both slowed to 2.9% and 10.9% y/y from the previous 4.6% and 12.7%, respectively.

The surveyed urban unemployment rate was 5.1% in August, flat from the previous month.

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