China’s retail sales and factory output grew more than expected in October, official data showed on Wednesday, even as the country’s crisis-hit real estate sector continued to drag on the economy. Retail sales surged 7.6% last month compared to the same period last year, according to the National Bureau of Statistics (NBS), when pandemic restrictions were still limiting activity. Rising on low baseMuch attention was paid to retail sales because that’s where “most hopes for an economic pickup” were concentrated, ING economists noted in a report Wednesday. Retail sales in October 2022 contracted by 0.5%, compared to the same month a year earlier, because many cities were in the midst of pandemic lockdowns or other restrictions. This year, despite hopes for a rebound in consumption, key travel and spending data fell short of government forecasts.

Source: CNN November 15, 2023 06:43 UTC