China’s economic data for June reveals a mixed performance, with consumption and investment cooling further, while factory production saw an acceleration. The National Bureau of Statistics reported that retail sales, a crucial measure for gauging consumption, increased by only 3.1% compared to the same period last year. This marks a significant drop from the 12.7% growth recorded in May, falling short of the 3.2% growth predicted by economists surveyed by The Wall Street Journal.
On the other hand, China’s industrial production witnessed a positive trend, growing by 4.4% year-on-year in June. This figure surpasses the 3.5% increase seen in May and exceeds the expectations of surveyed economists, who anticipated a 3.0% growth.
Fixed-asset investment (FAI), a key driver of the Chinese economy, experienced a slight decline in growth. The FAI rose by 3.8% during the January-June period compared to the same period last year, down from a 4.0% increase observed in the first five months. Economists had predicted a slightly lower growth rate of 3.4%.
In terms of employment, China’s urban surveyed unemployment rate remained steady at 5.2% in June. However, concerning young workers aged between 16 to 24 years old, the jobless rate climbed to 21.3%, reaching a new high.
These indicators reflect the ongoing challenges faced by China’s economy as it strives to achieve stability and balanced growth amidst global uncertainties.
