China: Growth in retail sales inches down in June
July 16, 2014
In June, nominal retail sales grew 12.4% over the same month last year, which was a tad below the 12.5% increase recorded in the previous month. The deceleration, which undershot market expectations of a 12.5% expansion, mainly reflected weaker growth in sales of automobiles and of food and beverages.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.96% in June (May: +1.15% month-on-month). Despite the weaker print observed in June, annual average growth in retail sales was stable at the previous month’s 12.8%, which represented the lowest level since March 2006.