China reported its biggest decline in consumer spending and worst unemployment rate since the early months of the pandemic as COVID-19 lockdowns put a strain on the world’s second-largest economy, adding another threat to global growth.
The figures for March came alongside a stronger-than-expected acceleration in gross domestic product growth in the first quarter to 4.8%, an outcome that doesn’t capture the full extent of the economic damage from COVID-19 lockdowns in financial and trade hub Shanghai and other places from the middle of last month. Some economists also questioned the strength of the data.
Retail sales contracted in March for the first time since 2020, falling 3.5% from a year ago. The surveyed jobless rate climbed to 5.8%, the highest since May 2020.
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