The latest economic data out of China underscores persisting deflationary pressures in the flagging economy.
China's retail sales rose by 3% in November from a year ago, according to National Bureau of Statistics data released Monday, missing the forecast of 4.6% in a Reuters poll.
That marked a sharp slowdown from 4.8% growth in the previous month. Retail sales in October had recorded the quickest growth since February, helped by the annual Singles' Day shopping festival that kicked off more than a week earlier than the event in 2023. November industrial production rose by 5.4% from a year ago, above the expectations of 5.3% growth among economists polled by Reuters, which also compares with a climb of 5.3% in the prior month.Streaming 24/7: Watch NBC 5 local news and weather for free wherever you are
That marked a sharp slowdown from 4.8% growth in the previous month. Retail sales in October had recorded the quickest, above the expectations of 5.3% growth among economists polled by Reuters, which also compares with a climb of 5.3% in the prior month.The world's second-largest economy has been contending with pressure from multiple fronts this year. Consumer and business confidence has been hit by a prolonged property downturn, local government debt risks and high unemployment.
Since late September, Beijing has ramped up stimulus announcements in a bid to prop up the faltering economy, including several interest rate cuts and loosened property purchase rules. On the fiscal front, the finance ministryin November, with retail prices rising a muted 0.2% from a year ago. China's producer price index extended the downward trend, falling for the 26th straight month.
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