Leave a Reply
You must be logged in to view and post comments.
China’s recovery broadened further in October as stronger business activity and lifted restrictions on travel and congregate businesses spurred consumers to catch up on spending deferred earlier in the year. Retail sales of consumer goods grew 4.3 percent on the year in October, up from 3.3 percent in September and a third consecutive month of year-over-year growth. Growth of consumer spending was broad-based across categories, with only spending on petroleum products down on the year, reflecting the price effect of cheaper gas and diesel. Sales of automobiles rose 12.0 percent on the year, of smart phones and other telecom equipment 8.1 percent, and of clothing 12.2 percent. Growth is accelerating further in November, with many businesses reporting record sales driven by “Singles Day” on November 11.