The news: China’s retail sales growth was sluggish in August—yet more evidence that the country’s ailing economy is weighing heavily on consumer confidence and spending.

Sales rose 2.1% year over year (YoY) per the National Bureau of Statistics, falling short of analysts’ 2.5% estimate, and a considerable slowdown from July’s 2.7% growth.

Crisis of confidence: Western companies’ confidence in China is slipping as the country’s economic woes show few signs of easing, causing many businesses to pare down their investments.