China: Retail sales post softest contraction since December 2019 in May
Retail sales fell 2.8% year-on-year in May (April: -7.5% yoy). May’s print marked the best result since December 2019.
On a monthly basis, retail sales rose 0.79% in May, which was broadly in line with April’s 0.77% expansion. The reading marked the best result since November 2019. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 0.9%, down from April’s 0.0%.