China’s economic activity cooled more than expected at the start of the fourth quarter, with an unprecedented slump in investment and slower growth in industrial output adding to a drag from sluggish consumption.

Industrial production climbed 4.9% last month from a year earlier, according to data released by the National Bureau of Statistics on Friday, down from 6.5% in September. The median forecast of economists in a Bloomberg survey was for an increase of 5.5%.

Fixed-asset investment shrank 1.7% in the first 10 months of the year, a record decline for the period. Capital spending on infrastructure barely increased and growth in manufacturing outlays slowed, while property investment slid further.

Retail sales gained 2.9%, slowing for the fifth straight month in the longest such strea

See Full Page