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China Joblessness Climbs, Spending Drops on Covid Lockdowns

  • Retail sales contracted 3.5% in March, more than expected
  • GDP growth accelerated in 1Q, but masks Covid impact
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WATCH: China’s economic growth accelerated in the first quarter. Still, retail sales contracted and new-home sales fell in March. John Liu reports.

Source: Bloomberg

Updated on

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China reported its biggest decline in consumer spending and worst unemployment rate since the early months of the pandemic as Covid lockdowns put a strain on the world’s second-largest economy, adding another threat to global growth.