August 5, 2021

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China’s retail sales miss expectations again

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Shoppers and pedestrians walk along Nanjing Road in Shanghai, China, on Sunday, June 6, 2021.

Qilai Shen | Bloomberg | Getty Images

BEIJING — China said Wednesday that retail sales rose 12.4% in May, missing expectations despite government efforts to boost spending and a major holiday during the month.

Analysts had expected retail sales to rise 13.6% in May from a year ago.

Consumer spending has lagged China’s economic recovery from the coronavirus pandemic. In April, retail sales climbed a less-than-expected 17.7% from a year ago.

Industrial production rose 8.8% from a year ago in May, less than the 9% growth forecast by analysts.

The overall unemployment rate for cities fell to 5%, but that for people aged 16 to 24 was 13.8%.

Read more about China from CNBC Pro

This is breaking news. Please check back for updates.

2021-06-16 03:01:00

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