China: Growth in retail sales accelerates to five-month high in September
In September, nominal retail sales grew 9.2% on an annual basis, an acceleration from the 9.0% expansion registered in August and the highest reading in five months. The print was above market expectations of a 9.0% increase. September’s print was driven by stronger sales of household appliances and clothing and footwear. Despite decelerating slightly, sales of petroleum and petroleum-related products remained robust in September. Meanwhile, car sales contracted at a fastest pace in September.
On a seasonally-adjusted basis, retail sales expanded 0.80% in September, edging down from the 0.82% increase in August. Annual average growth in retail sales inched down from 9.5% in August to 9.4% in September.