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%.