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China’s economic activity showed signs of slowing down in October, as renewed COVID-19 flare-ups and tightened government curbs to control the virus damped demand and production.
Retail sales, a key gauge of China’s domestic consumption, fell 0.5% from a year earlier, down from a 2.5% increase in September and well below the 0.7% growth expected by polled economists, according to data released Tuesday by the National Bureau of Statistics.
Industrial production rose 5% from a year earlier in October, also slowing from the 6.3% growth in September. Economists surveyed by The Wall Street Journal expected industrial production to have increased 4.9%.
China’s fixed-asset investment increased 5.8% in the January to October period from a year earlier, compared with a 5.9% growth in the first nine months of the year. Surveyed economists expected FAI growth to have held steady in October.
China’s urban surveyed unemployment rate held steady at 5.5% in October. The jobless rate for young workers aged 16 to 24 stood at 17.9% in October, the same as the prior month’s rate.
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