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29 April 2025 / Report
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Copy LinkGrowth in retail sales accelerated to 5.9 y-o-y in March, up from 4.0% in the “Jan-Feb joint period” (Jan-Feb).
While China's official headline unemployment rate remains stable at 5.2%, the Purchasing Managers’ Index (PMI) employment subindices paint a much gloomier picture. Labor market weakness will continue depressing household income and consumption.
While consumer spending is poised to benefit somewhat from increased government support in 2025, the anticipated measures are unlikely to revive consumer confidence.
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