August 17, 2023

China released July data that, in general, fell short of forecasts. The National Bureau of Statistics report notably omitted the young people’s unemployment rate, which has recently risen to record levels.

According to economists surveyed by Reuters, retail sales increased by 2.5% in July compared to a year ago, falling short of estimates for a 4.5% growth.

In July, industrial production increased 3.7% compared to a year earlier, less than the 4.4% growth economists had predicted.

The increase in fixed asset investment for the first seven months of the year was 3.4% as opposed to the 3.8% expected in a Reuters poll.

In July, the urban unemployment rate increased slightly from June’s 5.2% to 5.3%.

In contrast to other data, the most recent release did not divide unemployment into age groups. Unemployment in the 16–24 age group has been significantly higher than the national average, reaching a record high of 21.3% in June.

According to a National Bureau of Statistics official, the organization is reevaluating its approach and postponing the publishing of its data on youth unemployment as a result of social and economic changes.

As of July, real estate investment had dropped by 8.5% from the same time last year, which was a bigger drop than in June.

The most recent release of statistics does not break down unemployment by age groupings, in contrast to earlier data. With a record high of 21.3% in June, unemployment in the 16–24 age group has been much higher than the national average.

An official from the National Bureau of Statistics stated that due to social and economic changes, the organization is rethinking its strategy and delaying the publication of its data on youth unemployment.

Real estate investment had decreased by 8.5% as of July compared to the same period in 2016, which was a greater decline than in June.

With the exception of summer tourism, domestic demand has been modest. When compared to the same month in 2022, imports decreased by 12.4% year over year in July.

As concerns about deflation grow, the consumer price index dropped in July.

However, the core CPI, which excludes prices for food and energy, saw its sharpest growth in July since January. Despite a prolonged decrease, factory activity rose to its highest level since March in July.

Source: CNBC
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