China retail sales beat expectations as industrial output loses some steam

HONG KONG -- China's retail sales grew at a faster-than-expected pace in May while industrial output missed forecasts but remained relatively robust, painting a mixed picture of the world's second-largest economy.

Total retail sales of consumer goods, a gauge of household spending, were up 3.7%, according to government data published on Monday. This was better than April's 2.3% growth and beat the forecasts of several financial institutions and analysts. Still, it was the third-lowest reading since last August and may not allay longer-term concerns over tepid consumption.