China’s retail sales shrink far more than expected, while industrial production disappoints

Several “robot arms” work on the automated assembly line of final wheel hub at a production workshop in Anqing city, Anhui province, China, Dec 9, 2022.

During a month in which Covid controls weighed on growth, China reported economic data that missed expectations.

The National Bureau of Statistics reported that retail sales fell in November.

It was worse than expected and a bigger drop than the October decline.

Industrial production increased by 2% in November from a year ago, missing a forecast of 3.6%. The pace was not as fast as in October.

For the year through November, fixed asset investment grew at a slower rate than analysts had expected. In the first 10 months of the year, the official print grew at a slower rate.

Investment in infrastructure increased in November from October on a year-to-date basis. Real estate investment fell at a faster rate.

In November, the unemployment rate in cities went up. The unemployment rate for young people was much higher.

The decrease in retail sales brought the year-to-date total down by a small amount.

Sales of food and medicine increased in November from a year ago. Sales of clothing and shoes plummeted.

CNBC's calculations show that online sales of physical goods rose by 4% in November, down from the previous month.

A number of Covid-related restrictions have been removed by China in the last two weeks. Covid patients have been encouraged to recuperate at home.

Many people in Beijing have fallen sick if not tested positive for Covid, because of the cold weather.

The National Bureau of Statistics canceled its press conference on the eve of the data release.