[ad_1]
Shoppers and pedestrians walk along Nanjing Road in Shanghai, China, on Sunday, June 6, 2021.
Qilai Shen | Bloomberg | Getty Images
BEIJING — China said Wednesday that retail sales rose 12.4% in May, missing expectations despite government efforts to boost spending and a major holiday during the month.
Analysts had expected retail sales to rise 13.6% in May from a year ago.
Consumer spending has lagged China’s economic recovery from the coronavirus pandemic. In April, retail sales climbed a less-than-expected 17.7% from a year ago.
Industrial production rose 8.8% from a year ago in May, less than the 9% growth forecast by analysts.
The overall unemployment rate for cities fell to 5%, but that for people aged 16 to 24 was 13.8%.
This is breaking news. Please check back for updates.
[ad_2]
Source link
