Economic Buzz: China retail sales slow to 0.6% as 17% auto slump drags consumption

China?s retail sales growth slowed to 0.6% YoY in July from 1% in June, reflecting continued weakness in consumer demand. Automobile sales plunged 17%, while furniture and building materials also recorded sharp declines. However, communication equipment sales surged 20.4%, while online retail sales of goods rose 4.6% in the first seven months. Excluding automobiles, retail sales increased 2.7% during January-July, highlighting a relatively stronger underlying consumption trend.

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