China's economy suffered a broad slowdown in October as factory output grew more slowly than expected and retail sales fell for the first time in five months, underscoring faltering demand at home and abroad.
"October activity growth broadly slowed and missed market expectations, pointing to a weak start to Q4 as a worsening COVID situation, prolonged property downturn and slower export growth more than offset continued policy stimulus," analysts at Goldman Sachs said in a note.
A week-long National Day holiday did little to boost consumption in October, traditionally a popular month for domestic travels. The economic outlook remains gloomy despite Beijing's move to ease some COVID curbs, said Zichun Huang, economist at Capital Economics.
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