China's consumption and industrial output slowed more than expected to levels two years ago when the pandemic first sapped the economy, with investment, the main growth driver this year, unexpectedly decelerating, data by the National Bureau of Statistics on Monday showed.
Retail sales slumped 11.1% y/y in April, falling further from March's 3.5% decline, and worse than the forecast 6.2% decline. The figure hit the lowest since March 2020. (See: MNI: China Needs Tax Cuts, Consumer Spending Coupons-Advisors)
Industrial production unexpectedly fell 2.9% y/y in April, reversing a 5.0% March gain and turning negative for the first time since March 2020.
Fixed-asset investment slowed to 6.8% y/y in the first four months, from Q1's 9.3% gain, missing the 7.0% forecast. Property investment fell 2.7% y/y to hit the lowest level since April 2020, reversing the previous 0.7% gain. Infrastructure and manufacturing investment decelerated to 6.5% and 12.2%, respectively, from the previous 8.5% and 15.6%. (See: MNI: Property Market Key To China's 2022 Growth Hopes-Advisors)
The surveyed urban unemployment rate was 6.1% in April, the highest since February 2020 and up 0.3 percentage point from March.