Seriously, retail sales volume jabs on economic growth

8.5% growth is commendable.

According to Hang Seng Bank, September retail sales data painted a picture that the economy is growing and not on the cusp of a recession. Retail sales volume registered an encouraging growth rate at 8.5%,  considerably stronger than its reading of 3.2% in August.

Here's more from Hang Seng Bank:

The breakdown also revealed a fairly broad-based improvement, led by sales of food, alcoholic drinks and tobacco (+18.1%) and consumer durable goods (+14.6%).

The sharp ascent in non-luxury sectors appears to reflect both the festive spending during the Mid-Autumn Festival and renewed confidence among local residents.  

Going forward, slower job gains may pose a challenge for consumers. The lingering uncertainty in the global economy is slowly feeding through to the labour market.

Total employment decreased by 12,400 to 3.66 million in the July-September period, bringing the jobless rate up to 3.3% after staying flat for four consecutive months. As Hong Kong’s unemployment rate edges up gradually, consumer spending could slow further.