Hong Kong’s November Retail Sales Post Surprise Drop

(Bloomberg) — Hong Kong’s retail sales unexpectedly dropped in November by the most in eight months as the city struggled to shake off the lingering effects of pandemic-era controls and a slowing global economy.

Retail sales value fell 4.2% from a year ago, the Census and Statistics Department said Wednesday. That was far worse than the forecast for a 4.8% rise in a survey of economists. Sales rose 4% in October. It was the worst performance since March, when sales plunged 13.8%.