China: Retail sales slow to six-month low in October
In October, nominal retail sales grew 7.2% on an annual basis, undershooting the 7.8% growth in September and the 7.8% increase that market analysts had expected. The print represented the weakest growth in six months. October’s slowdown reflected contractions in sales of cars, clothing and footwear and oil and oil-related products. Moreover, sales of food and household appliances moderated sharply in the same month.
On a seasonally-adjusted basis, retail sales expanded 0.46% in October, below the 0.68% increase in September. Meanwhile, annual average growth in retail sales inched down from 8.2% in September to 8.1% in October.