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MNI BRIEF: China July Macro Data Misses Forecasts

MNI (Singapore)

Adverse weather and some resurgent Covid-19 outbreaks weigh on China's economy in July, data show.

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China's economy struggled in the resumption of normality in July, as sporadic outbreaks of Covid-19 and unfavorable hot and rainy weather weighed, helping economic indicators fall short of expectations, data by the National Bureau of Statistics released Monday showed.

Industrial production rose 3.8% y/y in July, decelerating from June's 3.9%, missing the forecast 4.5%. Retail sales eased moderately to 2.7% y/y in July from June's 3.1%, underperforming the forecast 5.0% gain. The surveyed urban unemployment rate stood at 5.4% in July, down 0.1 percentage point from June. Youth unemployment set a new high of 19.9%.

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China's economy struggled in the resumption of normality in July, as sporadic outbreaks of Covid-19 and unfavorable hot and rainy weather weighed, helping economic indicators fall short of expectations, data by the National Bureau of Statistics released Monday showed.

Industrial production rose 3.8% y/y in July, decelerating from June's 3.9%, missing the forecast 4.5%. Retail sales eased moderately to 2.7% y/y in July from June's 3.1%, underperforming the forecast 5.0% gain. The surveyed urban unemployment rate stood at 5.4% in July, down 0.1 percentage point from June. Youth unemployment set a new high of 19.9%.

Keep reading...Show less