China's July Industrial Production Up 4.5%, Retail Sales Up 0.6%...Both Fall Short of Expectations
Both industrial production and retail sales in China last month fell short of expectations.
According to the National Bureau of Statistics of China on August 17, China's industrial production in July increased by 4.5% compared to the same period last year. This figure was below the market forecast of a 4.8% increase, as compiled by Reuters.
China's retail sales in July rose by only 0.6% year-on-year, narrowing from a 1% gain in the previous month by 0.4 percentage points. This was well below the market expectation of a 1.5% increase. As a result, concerns about weak domestic consumption in China are expected to persist. Retail sales data encompass sales figures from various types of retail stores, including department stores and convenience stores.
The slump in the real estate sector also continued. Real estate development investment for the January to July period of this year fell by 19.2%, and infrastructure investment dropped by 3.6% during the same period.
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The unemployment rate in urban areas in July remained unchanged from the previous month at 5.2%.
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