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China retail sales, industrial output, investment data for August 2024 – another round of disappointing results.
Retail Sales +2.1% (YoY) (Aug)
Industrial Production +4.5% (YoY) (Aug)
Fixed Asset Investment +3.4$(YTD) (YoY) (Aug)
Unemployment 5.3%
Also published were home prices data, which fell at their sharpest rate in 9 years, at -5.3% y/y in August, compared with the previous month’s -4.9%.
China’s property sector continues to be a black hole for the economy.
Piecemeal stimulus looks set to continue:
China has a growth target of ‘around 5%’ this year. China invariably hits its growth target, officially anyway.
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China’s National Bureau of Statistics (NBS) painted an upbeat picture.
These are the main headings from the statement:
1. Industrial Production Increased Steadily with Fast Growth in Equipment Manufacturing and High-Tech Manufacturing.
2. Service Sector Continued to Recover and Modern Services Developed Well.
3. Market Sales Kept Increasing and Online Retail Sales Grew Rapidly.
4. Investment in Fixed Assets Scaled up and Investment in High-Tech Industries Grew Fast.
5. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.
6. Employment Was Generally Stable and Urban Surveyed Unemployment Rate Increased Slightly.
7. Increase of Consumer Price Expanded and Producer Prices for Industrial Products Declined.
This article was written by Eamonn Sheridan at www.forexlive.com.
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