China: Retail sales inch down in July
August 12, 2015
In July, nominal retail sales grew 10.5% over the same month last year, which was slightly down from June’s 10.6% increase. The reading, which undershot the 10.6% increase market had expected, mostly reflected a further decline in oil and oil-related products as well as weaker growth in sales for automobiles.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.79% in July (June: +0.96% month-on-month). As a result of the disappointing figures observed at the outset of the year, annual average growth in retail sales fell from June’s 11.1% to 11.0% in July, which represented the lowest reading since May 2004.