Shoppers and pedestrians walk along Nanjing Road in Shanghai, China on Sunday June 6, 2021.
Qilai Shen | Bloomberg | Getty Images
BEIJING – China announced on Wednesday that retail sales rose 12.4% in May, falling short of expectations despite government efforts to stimulate spending and a major holiday in the month.
Analysts had expected retail sales to rise 13.6% year over year in May.
Consumer spending has lagged China’s economic recovery from the coronavirus pandemic. In April, retail sales rose less than expected 17.7% year over year.
Industrial production rose 8.8% year over year in May, less than the 9% growth rate forecast by analysts.
The overall unemployment rate in cities fell to 5%, but that of 16-24 year olds fell to 13.8%.
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