Sunday, May 19, 2024

The hits keep coming for China’s economy — its July report card missed expectations and it altogether omitted youth unemployment stats from the announcement

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Shenzhen, China

Tuul & Bruno Morandi/Getty Images

China’s economic performance fell below analyst expectations, per the July data released by the Bureau of Statistics.
Industrial production rose 3.7% on-year in July, badly missing the analysts’ target of 4.4%.
Interestingly, the July economic report omitted any mention of youth unemployment statistics in the country.

New economic data released by China on Tuesday showed the country again missing analysts’ expectations, adding to signs that the country’s post-pandemic recovery is fizzling out.

The country reported that its industrial production rose 3.7% year-on-year in July, badly missing the analysts’ target of a 4.4% on-year increase.

China also reported that its retail sales had risen by 2.5% on-year in July, missing a 4.5% target per analysts polled by Reuters. Exports in July came in at 2.016 trillion yuan, or almost $278 billion, marking a 9.2% drop.

Most interestingly, the July economic report omitted any mention of youth unemployment statistics in the country. Youth unemployment soared to a record high of 21.3% in the second quarter of 2023, per the statistic bureau’s June report.

A National Bureau of Statistics spokesperson told CNBC that it has suspended reporting on the youth unemployment statistics due to economic and social changes, adding that the bureau is reassessing the methodology.

Instead, the country reported that urban unemployment was 5.3% in July, up from 5.2% in June.

As part of the report, China said: “We should be aware that the international political and economic situation is intricate and complicated, while the domestic demand remains insufficient and the foundation for economic recovery needs to be further consolidated.”

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Shenzhen, China

Tuul & Bruno Morandi/Getty Images

China’s economic performance fell below analyst expectations, per the July data released by the Bureau of Statistics.
Industrial production rose 3.7% on-year in July, badly missing the analysts’ target of 4.4%.
Interestingly, the July economic report omitted any mention of youth unemployment statistics in the country.

New economic data released by China on Tuesday showed the country again missing analysts’ expectations, adding to signs that the country’s post-pandemic recovery is fizzling out.

The country reported that its industrial production rose 3.7% year-on-year in July, badly missing the analysts’ target of a 4.4% on-year increase.

China also reported that its retail sales had risen by 2.5% on-year in July, missing a 4.5% target per analysts polled by Reuters. Exports in July came in at 2.016 trillion yuan, or almost $278 billion, marking a 9.2% drop.

Most interestingly, the July economic report omitted any mention of youth unemployment statistics in the country. Youth unemployment soared to a record high of 21.3% in the second quarter of 2023, per the statistic bureau’s June report.

A National Bureau of Statistics spokesperson told CNBC that it has suspended reporting on the youth unemployment statistics due to economic and social changes, adding that the bureau is reassessing the methodology.

Instead, the country reported that urban unemployment was 5.3% in July, up from 5.2% in June.

As part of the report, China said: “We should be aware that the international political and economic situation is intricate and complicated, while the domestic demand remains insufficient and the foundation for economic recovery needs to be further consolidated.”

Read the original article on Business Insider
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Read more

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