New data out of China shows slowing growth in consumption and industrial output in August.

Figures from the National Bureau of Statistics show retail sales grew 2.1 percent from a year earlier, down from 2.7 percent growth in July.

The August result was largely driven by higher food prices, a result of unseasonable weather. The growth was limited as budget-minded consumers cut back their spending on automobiles and jewelry.

Industrial output climbed 4.5 percent year-on-year, but that was also a decline from July.

China's real estate sector continues to sputter. Investment in property from January to August was down by 10.2 percent from the same period last year.

Weakness across the sector has been a persistent drag on the economy.

The government is trying to spur consumption with incentives for consumers to upgrade cars and home electronics.

It's also planning new measures to halt the real estate slump.