© Reuters.
By Ambar Warrick
Investing.com– Chinese industrial production and retail sales read well below expectations in November, data showed on Thursday, as rising COVID-19 cases and increased restrictions to curb the virus weighed heavily on the economy.
were the bigger disappointment of the two, sinking a bigger-than-expected 5.9% in November after shrinking 0.5% in October. Markets were expecting a contraction of 3.7%.
The reading bodes poorly for the Chinese economy in the fourth quarter, given that retail spending is a key driver of economic growth.
also marked their worst drop since May, when the country was also grappling with a severe COVID-19 outbreak. The drop saw cumulative retail sales for the year so far turn negative.
Separate data showed grew 2.2% in November, down from the 5% growth seen in October, and well below expectations for growth of…
