China’s retail sales and industrial data are not expected in August

BEIJING — China’s retail sales, industrial production and urban investment in August grew more slowly than expected, according to data from the National Bureau of Statistics released on Saturday.

Retail sales rose 2.1 percent in August from a year earlier, missing expectations for a 2.5 percent increase among economists polled by Reuters. This was also slower than the 2.7% increase in July.

Industrial production rose 4.5 percent in August from a year earlier, beating the 4.8 percent rise forecast by Reuters. That also marked a slowdown from a 5.1 percent increase in July.

Fixed asset investment rose 3.4% for the January-August period, slower than the 3.5% growth forecast.

The urban unemployment rate was 5.3 percent in August, up from 5.2 percent in July.

Among fixed asset investment, infrastructure and manufacturing slowed year-to-date growth in August compared to July. Property investment fell 10.2% for the year to August, the same rate of decline as in July.

“We should be aware that the negative effects arising from changes in the external environment are increasing,” the office said in an English-language statement. A “sustained economic recovery still faces multiple difficulties and challenges.”

This weekend, Saturday is a working day in China, instead of a holiday on Monday. The country is set to celebrate the Mid-Autumn Festival, also known as the Mooncake Festival, from Sunday to Tuesday. The next and last major public holiday in China this year falls in early October.

Growth in the world’s second-largest economy has slowed after a disappointing recovery from Covid-19. Policymakers have yet to announce widespread stimulus, while acknowledging that domestic demand is insufficient.

Other data released in the past week pointed to persistent weakness in consumption.

Imports rose just 0.5 percent in August from a year ago, customs data showed, missing expectations. Exports rose 8.7%, beating expectations.

Beijing’s consumer price index for August also missed analysts’ expectations, rising 0.6 percent from a year ago.