China: Downward spiral in retail sales continues in October
November 13, 2014
In October, nominal retail sales grew 11.5% over the same month last year. The reading was slightly below the 11.6% increase recorded in the previous month and represented the weakest expansion since February 2006. The deceleration, which just barely undershot market expectations of an 11.6% expansion, reflected weaker growth in automobiles, household appliances as well as in oil and oil-related products.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.98% in October (September: +0.86% month-on-month). As a result of the weak annual expansion observed in October, annual average growth in retail sales inched down from September’s 12.4% to 12.3%, which represented the lowest reading since August 2004.