China’s retail sales lowest in 2 years from Covid damage

: China’s retail sales slumped to its lowest in two years while factory output plunged, official data showed today, capturing the dismal economic fallout from Beijing’s zero-Covid policy.

The latest cut came today when the National Bureau of Statistics announced data showing that retail sales shrank 11.1% on-year in April. “In April, the epidemic had a big impact on economic operations,” NBS spokesman Fu Linghui told reporters today, adding that the outbreak had a “significantly larger-than-expected” effect.Industrial production growth also sank 2.9% on-year, reflecting damage from shuttered factories and transportation woes as officials ramped up Covid restrictions last month.The dismal showing came as China battles its worst Covid outbreak since the early days of the pandemic.

He added that household consumption was “hit even harder” and disruption to activity could extend into June with a rebound likely to take weeks.In April, unemployment similarly rose to levels not seen since early 2020, according to the data, as the urban unemployment rate hit 6.1%.

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