China’s consumption and investment cooled further in June, while the growth of the nation’s factory production accelerated, official data showed Monday.
China’s retail sales, a key metric for the country’s consumption, rose 3.1% from a year earlier in June, down sharply from a 12.7% on year increase in May, the National Bureau of Statistics said.
The result undershot the 3.2% growth expected by economists polled by The Wall Street Journal.
Industrial production grew 4.4% from a year earlier in June, higher than the 3.5% increase in May and the 3.0% growth anticipated by surveyed economists.
Fixed-asset investment rose 3.8% in the January-June period from a year ago, down from a 4.0% increase in the first five months. Economists surveyed expected FAI to grow 3.4%.
China’s urban surveyed unemployment stayed unchanged at 5.2% in June, but the jobless rate for young workers aged between 16 to 24 rose to 21.3%, a new high.
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