China retail sales, industrial data growth in October beat estimates

By Tuba Ongun

China on Wednesday announced better-than-forecast retail sales and industrial data for October.

Retail sales surged 7.6% year-on-year in October despite a week-long Golden Week holiday, according to National Bureau of Statistics data.

This was the 10th consecutive month of rising retail turnover after a 5.5% rise in September, beating market estimates of 7% annual growth.

China's industrial production climbed 4.6% from a year ago in October, after a 4.5% gain in the prior month.

Economists' expectation was for an annualized 4.4% increase for the month.

On a monthly basis, industrial output ticked up by 0.4% in October.

The statistical authority also said the urban unemployment rate came in at 5% in October, remaining stable compared to September.