China’s retail sales beat expectations in October

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A staff worker arranges vegetables at a supermarket at Congtai District on November 10, 2021 in Handan, Hebei Province of China.

Li Hao | Visual China Group | Getty Images

BEIJING — China’s retail sales rose more than expected in October, the National Bureau of Statistics said Monday.

October retail sales grew by 4.9% from a year ago, beating a Reuters’ poll forecasting 3.5% growth.

Industrial production also beat expectations, up by 3.5% year-on-year in October. Reuters had predicted 3% growth.

From January to October, fixed asset investment rose by 6.1% from a year ago, slightly less than the 6.2% rise projected in a Reuters’ poll.

The urban unemployment rate held steady, at 4.9%. That for those aged 16 to 24 remained much higher at 14.2%.

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This is breaking news. Please check back for updates.

— CNBC’s Yen Nee Lee contributed to this report.



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