Retail Sales

China’s industrial output came out better than forecasted in October despite fresh new restrictions are in place to contain COVID-19 outbreak and bottlenecked supply that put the recovery of the world’s second largest economy at question. According to National Bureau of Statistics of China, industrial output grew 3.5% in October year-over-year than forecasted 3.0% by Reuters poll. Retail sales in October grew 4.9% compared to the same period last year, beating forecast of 3.5%. Earlier in September retail sales have grown 4.4%. Fixed asset investment however slowed down rising only 6.1% compared to the same period last year. Reuters poll forecasted fixed asset investment to grow by 6.1%.