China: Retail sales rebound in June
Retail sales grew 3.1% year on year in June (May: -6.7% yoy). Growth was recorded in sectors such as food, clothing, IT, fuel and vehicles. However, subsectors such as furniture and construction and decoration materials saw contractions, likely a reflection of the ongoing downturn in the housing market.
On a monthly basis, retail sales increased 0.5% in seasonally-adjusted terms in June, which was better than May’s flat reading and marked the best result since December 2021. Meanwhile, the trend improved, with the annual average growth of retail sales coming in at 7.3% in June, up from May’s 4.5%.