China: Growth in retail sales falls to nearly six-year low in September
October 21, 2014
In September, nominal retail sales grew 11.6% over the same month last year. The reading was slightly below the 11.9% increase recorded in the previous month and represented the weakest expansion since February 2009. The deceleration, which just barely undershot market expectations of an 11.7% expansion, reflected weaker growth in oil and oil-related products as well as in household appliances and clothing.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.85% in September (August: +0.89% month-on-month). As a result of the weaker print observed in September, annual average growth in retail sales inched down from August’s 12.6% to 12.4%, which represented the lowest reading since September 2004.