economy

China economic data signal slowing consumption, investment, but improved factory output

China economic data signal slowing consumption, investment, but improved factory output

China’s factory production rose at a faster pace in November as the country’s power crunch eased, while consumption and investment decelerated, official data showed Wednesday. Value-added industrial output grew 3.8% from a year earlier in November, up from the 3.5% expansion marked in October, the National Bureau of Statistics said. The result was slightly higher than the 3.7% expected by economists polled by The Wall Street Journal. Retail sales, a major gauge for consumption, rose 3.9% from a year earlier in November, slowing from October’s 4.9% increase and also lower than the 4.5% rise expected by surveyed economists. Consumption in the country has been dented by the recent resurgence of Covid cases, where lingering health concerns and stringent government prevention measures dampened consumer spending. Fixed-asset investment increased 5.2% in the January-November period, down from the 6.1% pace recorded in the first 10 months, official data showed. The reading matched the expectations of the polled economists. China’s urban surveyed unemployment rate stood at 5.0% in November, compared with 4.9% in October. Download.

economy 2021-12-15 Livemint