China’s Retail Sales Beat Expectations in May; Industrial Output Moderates

China’s Retail Sales Jump in May While Industrial Production Slows Slightly

Monday – Beijing: China’s May economic data, released by the National Bureau of Statistics (NBS) on Monday, paints a mixed picture of recovery for the world’s second-largest economy.

Retail Sales Surprise to the Upside

Retail Sales grew 6.4% year-over-year (YoY) in May, well above the 5.0% forecast and significantly stronger than April’s 5.1% print. This improvement highlights resilient domestic consumption and renewed consumer confidence amid ongoing macroeconomic stimulus.

“Stronger-than-expected retail activity suggests consumer demand is rebounding,” said analysts watching Asian markets closely.

Industrial Production Growth Moderates

Industrial Production rose by 5.8% YoY, slightly missing the 5.9% forecast and cooling from 6.1% in April. While the data remains solid, the marginal dip reflects cooling manufacturing momentum amid weak global trade and ongoing supply chain adjustments.

Fixed Asset Investment Falls Short

On the investment front, Fixed Asset Investment (FAI) increased 3.7% year-to-date (YTD) compared to a year earlier, falling short of the 3.9% forecast and slowing from April’s 4.0%.

Outlook

Despite the mixed indicators, May’s figures suggest China’s domestic recovery remains intact, with strong retail sales offsetting soft investment and factory activity. These results may influence regional market sentiment and global supply chain forecasts.

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