Released this morning, retail sales across this vast nation grew by just 7.2 per cent annualised, from 8.7 per cent growth the previous month, and well below trimmed expectations; this was the slowest pace since May 2003 and, for the first time since 2009, the volume and value of clothes sold fell. Industrial production also dropped by more than expected, to 5.4 per cent over the last 12 months from 8.5 per cent in what had been a buoyant March. It was weighed down by a slowing auto industry, where production dropped 16 per cent and vehicle sales fell 14.6 per cent in April, a 10th consecutive monthly decline.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis