China consumption, production show moderate recovery

Key indicators out of China show the economy made a moderate recovery last month. But COVID-related restrictions weighed on activity.

The National Bureau of Statistics says retail sales rose 5.4 percent in August from a year earlier. That was up 2.7 percentage points from July. Strong sales were recorded at auto dealerships and restaurants.

Industrial production grew 4.2 percent year on year and was up four-tenths of a point from the previous month.

Automakers increased output, but at a slower pace. power shortages suspended operations at some factories in Sichuan and other inland provinces.

Investment in real estate development from January to August declined 7.4 percent from the same period last year.

The size of the decline widened by one point from the period to July. This indicated a prolonged slump in China's property industry.