China has reported its factories picked up their pace and retail sales also gained momentum in August, suggesting the economy may be gradually recovering from its post-pandemic malaise.
Friday’s report showed retail sales rose 4.6% in August from a year earlier, with auto sales climbing 5.1%. Retail sales rose a meager 2.5% in July.
The trends in August were somewhat better than expected, Julian Evans-Pritchard of Capital Economics said in a report. Roughly one in five young workers is unemployed, a record high, adding to pressures on consumer spending.
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