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China’s retail sales grew 2.5% in August, far slower than 7% expected

People stroll outdoors the Taikoo Li Sanlitun mall in the Sanlitun purchasing space on Aug. 31, 2021.

Artyom Ivanov | TASS | Getty Images

BEIJING — China’s retail sales grew a disappointing 2.5% in August from a yr in the past because the nation handled the worst outbreak of Covid-19 since its preliminary unfold in early 2020.

Data on shopper spending launched by the National Bureau of Statistics on Wednesday got here in effectively beneath the 7% development forecast by analysts polled by Reuters.

Industrial manufacturing development was additionally barely beneath expectations, up 5.3% in August versus predictions of 5.8% development.

Fixed asset funding for the primary eight months of the yr rose 8.9% from a yr in the past, the info confirmed..

Mainland China managed a late July outbreak of the extremely contagious delta variant by mid-August. Under Beijing’s “zero tolerance” coverage, authorities had imposed journey restrictions and native lockdowns throughout the nation throughout a significant a part of the summer time holidays.

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Figures for final month additionally examine to a better base than the primary half of the yr as China had already principally emerged from the peak of the coronavirus pandemic final summer time.

The unemployment charge in cities remained unchanged from July at 5.1% in August, whereas that for individuals aged 16 to 24 fell barely to fifteen.3%.

This is breaking news. Please examine again for updates.

— CNBC’s Yen Nee Lee contributed to this report.

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