Buyseotools Insurance October retail, industrial production, fixed asset, jobs

October retail, industrial production, fixed asset, jobs

October retail, industrial production, fixed asset, jobs post thumbnail image

CHONGQING, CHINA – NOVEMBER 5, 2023 – High-rise buildings are seen in downtown Chongqing, China, November 5, 2023. (Photo by Costfoto/NurPhoto via Getty Images)

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BEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. 

Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll.

Industrial production rose by 4.6% year-on-year in October, faster than the 4.4% pace predicted by the Reuters poll.

Fixed asset investment for the first 10 months of the year grew by 2.9% from a year ago, missing expectations for a 3.1% increase.

Investment into real estate fell by 9.3% during that time, a steeper decline than the 9.1% drop reported for the first nine months of the year.

The urban unemployment rate was 5%, the National Bureau of Statistics said. That was unchanged from September. The bureau has suspended reports of the unemployment rate for young people since summer.

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Within retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed.

Catering, as well as alcohol and tobacco, saw sales surge by double digits. Auto-related sales rose by 11.4% from a year ago.

The first week of October marked the final big public holiday for the year in China, known as Golden Week. Official data showed domestic tourism spending recovered to nearly 2019 levels, but that was partly due to more people staying within the country since overseas trips had yet to fully return to pre-pandemic levels.

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“There remains a lot of stress in the market. There remains weakness in the market,” she said. “This is not going to be over with quickly. It’s going to take some more time to transition back to a more sustainable size.”

Real estate and related sectors have accounted for about a quarter of China’s gross domestic product.

UBS analysts estimated that share has declined to about 22% this year. New home sales have dropped, while large property developers such as Country Garden have defaulted on their debt.

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