Key Chinese economic data for November 2024 ... in so far as retail sales is indicative of domestic demand the data ... well, sucks.
China Retail Sales in November +3.0% y/y
- expected +4.6%, prior +4.8%
Industrial Production +5.4% y/y, improving from October ... attributed to stimulus measures ... but given borderline CPI deflation and lacklustre domestic demand stimulus aimed at increased production seems less than ideal (more production into weak demand will tend to weaken price growth further)
- expected +5.4%, prior +5.3%
Fixed Asset Investment +3.3% y/y
- expected +3.5%, prior +3.4%
Unemployment Rate 5.0%
- expected 5.0%, prior +5.0%
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Background to this, as posted earlier.
In October 2024, China's key economic indicators presented a mixed picture:
Retail Sales: Increased by 4.8% year-on-year, up from 3.2% in September, marking the fastest growth since February. This surge was attributed to consumer spending during the Golden Week holiday and the Singles' Day shopping festival.
Industrial Production: Grew by 5.3% year-on-year, slightly below September's 5.4% and missing the anticipated 5.6% rise. This indicated a modest slowdown in manufacturing output.
Fixed Asset Investment: Rose by 3.4% in the January-October period compared to the same period in 2023, consistent with the growth rate from January to September but slightly below the expected 3.5%. This suggests steady but subdued investment in infrastructure and property sectors.
These figures highlighted the challenges facing China's economy, which include
- a sluggish property market (still sluggish: China House Prices in November -5.7% y/y (prior -5.9%))
- and potential external pressures from international trade policies.
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Earlier from China today:
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