(Drivebycuriosity) - Yesterday we heard a lot of Katzenjammer because of the disappointing US retail sales. In spite of growing job numbers & wages and falling gasoline prices the American consumers stay frugal: US retail sales were up 0.1% from September to October (seasonally adjusted), this is just a plus of 1.7% from October 2014 (calculatedrisk).
Contrary to the thrifty Americans the Chinese are getting more generous. In October China´s retail sales grew 11.0 % in October after 10.9% in August (ibtimes). This is the third acceleration back-to-back and the best retail number for this year. Since April the retail sales have been trending stronger ( tradingeconomics ).
So, China´s retail is growing six-times faster than the US retail in the moment. The huge country is rapidly transforming from an industrial & export-focused economy to a modern system like the US, where most of the GNP is fueled by consumer spending. US companies like Apple and Nike are already enjoying fast growing China sales. Maybe the Chinese consumers will save the global economy.
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