TOP NEWS: China retail sales and industrial output growth slow in May

(Alliance News) - China's retail sales grew in May, industrial production expanded, and ...

Alliance News 16 June, 2021 | 8:25AM
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(Alliance News) - China's retail sales grew in May, industrial production expanded, and unemployment ticked down marginally, data showed on Wednesday.

However, the growth in both retail sales and industrial output was below market forecasts.

According to the National Bureau of Statistics, retail sales increased 12% year-on-year in May, disappointing market forecasts of 14% growth, according to consensus cited by FXStreet. Retail sales had risen 18% yearly in April.

NBS noted a rise in online sales so far in 2021, up 25% over the first five months of the year.

Meanwhile, industrial output rose 8.8% annually in May, a hair below forecasts of 9% growth. Industrial production was 9.8% higher yearly in April.

China's urban, surveyed unemployment inched down to 5.0% in May, from 5.1% in April, according to NBS figures. A year earlier, the unemployment rate stood at 5.9%.

"In the first five months, the newly increased employed people in urban areas totalled 5.74 million, completing 52% of the annual target," NBS added.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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