China's consumer data for May indicates a decline for the first time in three years and five months, signaling weakness in domestic demand.
According to the National Bureau of Statistics of China, retail sales in May fell by 0.6% compared to the same month last year, falling short of both the previous month's increase of 0.2% and the expected decrease of 0.3%. This marks the first decline since December 2022, highlighting the fragility of China's domestic market.
Additionally, fixed asset investment from January to May decreased by 4.1% year-on-year, a larger drop than the previous month's cumulative decline of 1.6% and the anticipated decrease of 2.3%.
In contrast, industrial production in May rose by 4.5% compared to the same month last year, slightly exceeding both the previous month's increase of 4.1% and the expected growth of 4.4%. The urban unemployment rate also showed slight improvement, standing at 5.1%, better than both the previous month and the expected rate of 5.2%.
* This article has been translated by AI.
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