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%