China: Retail sales continue to decline in July
Retail sales dropped 1.1% year-on-year in July (June: -1.8% yoy). Although July’s result marked the smallest decline since December 2019, it contrasted the 0.1% rise that market analysts had expected.
On a monthly basis, retail sales increased 0.85% in seasonally-adjusted terms in July, which was slightly above June’s 0.83% expansion. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 2.6%, down from June’s minus 1.9% reading.