China May retail sales grow at fastest pace since December 2023; industrial output misses expectations

Key Points

Retail sales jumped 6.4% from a year earlier in May, sharply beating analysts’ estimates for a 5% growth in a Reuters poll and accelerating from the 5.1% growth in the previous month.
Growth in industrial output slowed to 5.8% year-on-year in May, slightly weaker than analysts’ expectations for a 5.9% rise.
The urban survey-based unemployment rate in May came in at 5.0%, the lowest level since November last year.

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