China's retail sales in August increased by 2.1%, and industrial production rose by 4.5% compared to the same period last year. However, the growth rate of retail sales was lower than the market expectation of 2.5%, and industrial production also fell short of the market forecast of 4.8%.
A stall selling Lunar New Year-related products at Walmart in Beijing.
According to the National Bureau of Statistics on the 14th (local time), China's retail sales in August amounted to 3.8726 trillion yuan (approximately 726.3 trillion won), marking a 2.1% increase compared to the same month last year. Retail sales represent the sales figures of various types of retail stores such as department stores and convenience stores, serving as an indicator of domestic demand.
The 2.1% growth rate in retail sales for August was lower than both the market forecast of 2.5% and the previous month’s rate of 2.7%. Industrial production in August increased by 4.5%, which was below the market forecast of 4.8% and also showed a slowdown compared to the previous month’s 5.1% growth.
Fixed asset investment from January to August, excluding rural areas and covering factories, roads, power grids, and real estate, rose by 3.4% compared to the same period last year.
However, real estate development investment fell by 10.2%, indicating that the real estate market slump continues. The unemployment rate in August was 5.3%, up 0.1 percentage points from the previous month. For the January to August period overall, the unemployment rate stood at 5.2%.
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