|Y/Y % Change||10.5%||10.5%||10.6%|
|M/M % Change||0.79%||0.96%|
Retail sales grew at a 10.5 percent pace, missing forecasts and down from the 10.6 percent pace in June. Year to date, sales were up 10.4 percent. Retail sales were up 0.79 percent, down from June's 0.96 percent increase. Urban and rural sales were up 10.3 percent and 11.9 percent respectively. Auto sale were up 2.5 percent after increasing 4.8 percent the month before. Sales among the sub-categories were mixed with household durable goods increasing 11.6 percent after 8.9 percent but home appliances up 8.0 percent after increasing 10.2 percent in June.
These figures too offer more evidence of the weakening Chinese economy, adding another reason for Tuesday's move by the People's Bank of China.
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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