Procter & Gamble is seeing a recovery in the consumer market everywhere except for one, which happens to be China. This is good news for Procter & Gamble, but it's also a worrying sign about China.
On Wednesday, the maker of Tide detergents and Gillette razors announced that its organic sales (which exclude the effects of currency fluctuations and mergers) rose 7% compared to a year ago in the three-month period ending September. This was the same as in previous quarters. The price increase alone was responsible for this, with volumes falling 1%.