China industrial production and retail sales rise; jobless rate steady at 5%

Nov. 15, 2023 2:22 AM ETFXI, PGJ, EWH, CAF, GXC, TDF, CHIQ, YINN, YANG, CQQQ, CHIX, MCHI, CXSE, KWEB, ASHR, KBA, CWEB, KUREBy: Meghavi Singh, SA News Editor

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Igor Kutyaev

China’s industrial production expanded by 4.6% year-on-year in October, after a 4.5% gain in the previous month, beating market forecasts of 4.4%, the fastest pace in industrial production since April.

For the first ten months of 2023, industrial output climbed by 4.1% from the same period in 2022.

China’s retail sales rose by 7.6% year-on-year in October, accelerating from a 5.5% gain in the prior month and exceeding market estimates of 7.0%, marking the tenth straight month of increase in retail turnover and the fastest growth since May. During January-October, retail trade increased by 6.9%.

Separately, China’s fixed-asset investment increased by 2.9% year-on-year to CNY 41.94 trillion in the first ten months of 2023, compared with market forecasts and year-ago period of a 3.1% growth.

Meanwhile, China’s surveyed urban unemployment rate was 5% in October, the same as in the previous month. The jobless rate in 31 large cities and towns edged down to 5% in October from 5.2% in the previous month. The average weekly working hours of employees in enterprises across the country were 48.7 hours.

Looking ahead to 2023, the government has set a target for the jobless rate to be around 5.5%, with the objective of creating approximately 12 million new urban jobs.

ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE), (CHIX).

Currency: (CNY:USD)

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William Murphy

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