China: Retail sales reach seven-month high in October
November 9, 2012
In October, nominal retail sales rose 14.5% over the same month last year, which represents the strongest expansion recorded since March. The figure overshot both the previous month's 14.2% rise and market expectations of a 14.4% increase. The improvement seen in October was mainly due to stronger growth in automobiles sales. In contrast, growth in the petroleum and related products category moderated. Compared to the previous month, retail sales expanded a seasonally adjusted 1.34%, following the 1.65% increase tallied in September. Despite the healthy annual increase, the trend continues pointing downwards, with annual average growth in retail sales falling from 14.9% in September to 14.7% in October.