China: Retail sales growth plummets in April
In April, nominal retail sales grew 7.2% on an annual basis, which represented the weakest reading since 2003. The print was well below both the 8.7% increase in March and market expectations of an 8.6% rise.
April’s deceleration reflected weaker sales of oil and oil-related products and household appliances as well as a contraction in clothing and footwear. Conversely, the decline in automobile sales softened in April.
On a seasonally-adjusted basis, retail sales expanded 0.47% in April, down from the 0.79% increase in March. Meanwhile, annual average growth in retail sales inched down from 8.7% in March to 8.5% in April.