Key economic indicators from China for May 2024.
Unemployment Rate Urban Area 5.0%
- prior 5.0%
Property Investment YTD for May -10.1% y/y
- expected -10.0%, prior -9.8%
This is a disappointing result for property investment. Chinese authorities have continually boosted efforts to support the troubled sector. Doing so not only benefits the sector, but bolsters consumer confidence. But, efforts are still falling short.
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Retail sales was a focus after the poor showing in April. Sales improved higher than expected in May, which is a positive sign for progress on boosting domestic consumption.