KURE - China's industrial output growth of 4.4% beats estimates; retail sales up 3.1%

2023-07-17 01:09:02 ET

• China's industrial production increased by 4.4% year-on-year in June 2023, accelerating from a 3.5% gain in May and beating market forecasts of 2.7%.

• It was the 14th straight month of growth in industrial output, mainly due to a faster rise in manufacturing activity (4.2% vs. 4.1% in May) and a rebound in mining production (1.7% vs. -1.2%).

• In the first half of the year, industrial production grew by 3.8% compared to the same period in 2022.

• Fixed asset investment for the first half of the year rose by 3.8%, better than the 3.5% predicted. Within fixed asset investment, that into real estate fell further on a year-to-date basis in June than in May.

• However, retail sales numbers disappointed, rising by 3.1% in June versus a forecasted 3.2% increase. In May, retail sales were up 12.7% year-over-year.

• Separately, the unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record.

• The unemployment rate for people in cities was 5.2% in June.

• ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).

• Now read: China's economy grew a lower than expected 6.3% in the second quarter

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