China’s retail sales rise for the first time in 2020

People shop at a mall in Beijing on August 14, 2020.

Nicolas Asfouri | AFP | Getty Images

BEIJING — Chinese consumers stepped up their spending in August, in a sign of further economic recovery from the shock of the coronavirus pandemic.

Retail sales rose 0.5% in August from a year ago, the first positive report for the year so far, China’s National Bureau of Statistics said Tuesday. Notably, sales of communication equipment rose 25.1% from a year ago and that of autos rose 11.8%.

Retail sales for the first eight months of the year were down 8.6% from a year ago, the bureau said. Online retail sales of physical goods grew by 15.8% during that time, the data showed.

The unemployment rate as measured by the official survey of cities was 5.6%, 0.1 percentage points lower than July, the bureau said.

Industrial production grew 5.6% in August from a year ago.

Fixed-asset investment declined 0.3% for the first eight months of the year. It was not immediately clear what the year-on-year figure for August was.

This is breaking news. Please check back for updates.

Source link




China and U.S. academics call for joint efforts to end COVID-19

submitted by /u/kongweeneverdie Source link

Stocks making the biggest moves after the bell: Gamestop, Square, Intuit

Patrick T. Fallon | Bloomberg | Getty ImagesCheck out the companies making headlines after the bell on Monday:Square – Shares of the financial...

Prances With Horse: The History of the Ferrari Logo

When presented with a car like the 986-horsepower, 211-mph plug-in hybrid SF90 Stradale, it’s easy to forget the high-tech, hypercar-building Ferrari of today...

Pompeo ignores Biden victory, vows ‘smooth transition’ to second Trump term

US Secretary of State Mike Pompeo gestures toward a reporter while speaking about the counting of votes in the US election during a...

Some Chinese automakers show off concept sportscars, amid auto market slump

GAC unveiled its electric sports car prototype on Sept. 26, 2020, at the Beijing auto show.Evelyn Cheng | CNBCBEIJING — Some of the flashiest...