China’s retail sales growth and industrial production fell short of expectations in November, while investment contracted more than forecast, highlighting ongoing weaknesses in domestic consumption, according to data from the National Bureau of Statistics released Monday.

Retail sales rose 1.3% year-on-year, slowing from a 2.9% gain in October. Industrial production grew 4.8% year-on-year, slightly down from October’s 4.9% and below the 5% expected.

Fixed-asset investment, measured on a year-to-date basis, declined 2.6% from January through November, exceeding economists’ estimate of a 2.3% drop. The contraction deepened from the 1.7% decline recorded through October and marked the steepest slump since the 2020 pandemic, according to Wind Information data going back to 1992.