China industrial production, retail sales and unemployment
- Lowest since August 2020
- Prior was +8.3% y/y
- Industrial production YTD 14.4% vs 15.9% prior
- Fixed asset investment (excluding rural) YTD 10.3% vs 11.3% expected (prior +12.6%)
- Retail sales +8.5% y/y vs +11.5% expected
- Prior retail sales +12.1% y/y
- Retail sales YTD 20.7% vs 23.0% prior
- Unemployment rate 5.1% vs 5.0% expected
These are poor numbers that are likely to spook broader markets, particularly commodities and commodity FX.
The stats bureau spokesman didn't offer any excuses and said China's economic recovery is still not solid and remains uneven due to impacts from sporadic covid outbreaks and natural disasters. Looking ahead, he said China's economy faces more a more complex and severe external situation as the global pandemic continues to develop. Overall though, he said China continued it steady recovery momentum.
Perhaps the MLF loans earlier today and others this month are a hint at more measures to boost growth.
