China October retail sales beat forecasts while real estate slump worsens

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

China October retail sales beat forecasts while real estate slump worsens

Pictured here is a Shanghai development under construction on Nov. 4, 2024.

Cfoto | Future Publishing | Getty Images

BEIJING — China’s retail sales rose more than expected in October, while industrial production and investment data missed forecasts as the real estate drag worsened.

Retail sales grew by 4.8% year-on-year in October, the National Bureau of Statistics said Friday. That was above the 3.8% forecasted in a Reuters poll, and a pickup from 3.2% growth in September.

Industrial production rose by 5.3% in October from a year ago, missing expectations of 5.6% growth.

Fixed asset investment, reported on a year-to-date basis, rose by 3.4% from a year ago, slower than the 3.5% forecast.

Investment in real estate for the January to October ******* fell by 10.3% from a year ago, steeper than the 10.1% drop seen in the January to September *******. While infrastructure and manufacturing investments picked up slightly in the year-to-date ******* as of October, versus that of September.

The unemployment rate in cities ticked lower to 5% in October, down from 5.1% in September.

******** authorities have ramped up stimulus announcements since late September, fueling a stock rally. The central bank has cut interest rates and extended existing real estate support.

On the fiscal front, the Ministry of Finance last week announced a five-year 10 trillion yuan ($1.4 trillion) program to address local government debt problems, and hinted more fiscal support could come next year.

Manufacturing surveys indicated a pickup in activity last month, while exports surged at their fastest pace in more than a year.

Imports, however, fell as domestic demand remained soft. The core consumer price index that strips out more volatile food and energy prices rose by 0.2% in October from a year ago, modestly better than the 0.1% increase seen in September.

Beyond a trade-in program to encourage car and home appliance sales, Beijing’s stimulus measures have not targeted consumers directly.

China’s Golden Week holiday in early October affirmed a trend in more cautious consumer spending, but several consultants said that sales during the Singles Day shopping festival, which recently ended, had beat low expectations.

The country’s ****** domestic product in the first three quarters of the year grew by 4.8%. The country has set a target of around 5% growth for the year.

This is the hidden content, please

• Sign In
• or
• Sign Up

#China #October #retail #sales #beat #forecasts #real #estate #slump #worsens

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up