China Retail Sales YoY

China's retail trade rose by 5.4% year-on-year in August 2022, exceeding market estimates of 3.5% and accelerating from a 2.7% growth a month earlier. This was the third straight month of increase in retail trade and the strongest pace since February, as consumption strengthened following further relaxation in COVID curbs. Sales growth quickened for both automobiles (15.9% vs 9.7% in July) and oil products (17.1% vs 14.2%), amid a sharp rebound in sales of clothing (5.1% vs -5.6%) and a further rise in sales of both office supplies (6.2% vs 11.5%) and home appliances (3.4% vs 7.1%). In contrast, there were falls in sales of cosmetics (-6.4% vs 0.7%), furniture (-8.1% vs -6.3%), telecoms (-4.6% vs 4.9%), and building materials (-9.1% vs -7.8%). Considering the first eight months of the year, retail sales were up 0.5%.