China April Industrial Production 9.8% y/y (expected +10%) & Retail Sales 17.7% y/y (expected +25.0%)

China’s economy is performing well, but do be aware of the substantial ‘base effects’ coming in the y/y data coming off a poor April 2020 when the country was in the midst of it pandemic response.  

Industrial Production 9.8% y/y, slight miss

Industrial Production YTD 20.3% y/y

Fixed Assets (excluding rural) YTD 19.9% y/y

Retail Sales 17.7% y/y for a substantial miss, a sign the domestic economy is not as strong as expected

Retail Sales YTD 29.6% y/y


Unemployment rate 5.1% 

  • expected 5.2%, prior 5.2%

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