|Y/Y % Change||10.1%||10.6%||10.1%|
|M/M % Change||0.96%||0.81%|
Retail sales grew at a 10.6 percent pace in June, up from 10.1 percent in May and well ahead of forecasts at 10.1 percent. The data suggest the Chinese economy was picking up speed as the second quarter concluded. Urban sales increased 10.4 percent after 9.9 percent last time while rural sales edged up to an 11.8 percent increase from 11.6 percent the month before.
Auto sales increased for a third month, this time by 4.8 percent after rising 2.1 percent in May and 1.6 percent in April. Home appliance sales jumped 10.2 percent after increasing just 5.1 percent in May. However, clothing sales slowed increasing only 9.4 percent, down from 12.5 percent in May.
Retail sales are sales of a physical commodity or the income of catering services sold or provided by enterprises to individuals and social organizations for non-production and non-operation purposes.
Retail sales tend to have a muted impact because the Chinese economy is not heavily reliant on consumer spending. However, the government is trying to stimulate consumer spending to give the economy more balance. To this end, the government put into place a basket of stimulus measures, including government subsidies and tax breaks for home appliances and cars, to expand consumption to sustain the economic growth, which was slowed by a slump in exports amid the global economic downturn.
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