China: Retail sales edge up in August
September 9, 2012
In August, nominal retail sales rose 13.2% over the same month last year. The figure was a notch above the 13.1% increase recorded in July and broke the downward trajectory in place since April. In addition, the August reading came in line with market expectations. The slight improvement seen in August was mainly due to stronger growth in the petroleum and related products category. Compared to the previous month, retail sales expanded a seasonally adjusted 1.28%, following on the 1.11% increase tallied in July. Nevertheless, owing to the weaker prints seen in previous months, the trend is still pointing down, with annual average growth in retail sales falling from 15.6% in July to 15.2% in August.