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China’s industrial output rose 5.9% last month, better than economists’ expectations but its retail sector missed targets with slower sales reported for the month.
Industrial output data for October was higher than the 5.7% growth economists in a Reuters poll expected. From January to October, industrial production value grew by 6.4% on a year-on-year basis.
Retail sales misses expectations
Retail sales rose 8.6% last month, lower than the 9.1% rise analysts had expected. Experts say the fall in sales could be seasonal, or that consumers are tightening their purse strings with expectations on a weaker economy this year, amid uncertainties such as the United States-China tariff war.
Another reason given was that customers were postponing their purchases for the Double Eleven online shopping festival in November.
Investment growth, infrastructure spending up
Fixed asset investment growth expanded by 5.7% from January to October, higher than the 5.5% analysts had expected. Infrastructure spending gained 3.7% for the 10-month period, compared to a 3.3% increase from January to September.
A total of 45 projects worth ¥437.4 billion were approved from July to September, accounting for nearly two-thirds of the value of approvals for the year.
The private sector fixed-asset investment growth, which accounts for about 60% of overall investment in China, was at 8.8%.
Unemployment rate, meanwhile, maintained at 4.9%, the same rate of increase a year ago.