China: Retail sales growth dips in November
Retail sales increased 3.9% year-on-year in November (October: +4.9% yoy). Looking at subsectors, catering fell into contraction, while goods sales growth moderated.
On a monthly basis, retail sales increased 0.2% in seasonally-adjusted terms in November, which was below October’s 0.4% expansion. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at plus 14.4%, down from October’s 14.5% reading. Momentum in November was likely hampered by Covid-19 flare-ups.