China’s August 2024 retail sales, industrial production and investment data – another round of disappointing results.
Retail Sales +2.1% (YoY) (Aug)
- Expected 2.5%, previous 2.7%
Industrial Production +4.5% (YoY) (Aug)
- Expected 4.8%, previous 5.1%
Fixed Asset Investment +$3.4 (YTD) (YoY) (Aug)
- Expected 3.5%, previous 3.6%
Unemployment rate 5.3%
- Expected 5.2%, Previous 5.2%
House prices were also released, falling at their fastest rate in 9 years, to -5.3% year-on-year in August, compared with -4.9% the previous month.
- For the month/month, it was down 0.7% (July was also -0.7% m/m)
China’s real estate sector remains a black hole for the economy.
It looks like the gradual stimulus will continue:
China has set a growth target of around 5% this year. China always hits its growth target, at least officially.
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China’s National Bureau of Statistics painted an optimistic picture.
- In August, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council. All regions and departments adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully implemented the new development philosophy on all fronts, strengthened macro-regulation, and strived to promote high-quality development. As a result, production and demand continued to recover, employment and prices were basically stable, and high-quality development continued to advance. The national economy maintained overall stability with steady progress.
These are the main headlines from the statement:
1. Industrial production has increased steadily with the rapid growth of equipment manufacturing and high-tech manufacturing.
2. The service sector continued to recover and modern services developed well.
3. Market sales continued to rise and online retail sales grew rapidly.
4. Investment in fixed assets has increased rapidly and investment in high-tech industries has increased rapidly.
5. Imports and exports of goods grew rapidly and the trade structure continued to improve.
6. Employment was generally stable and the urban unemployment rate rose slightly.
7. Consumer prices rose and producer prices for industrial products fell.
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