A reading above 50 indicates an expansion in activity. Chinese industrial production expands 4.4% in May 2020, but there are still 'many difficulties and uncertainties' Consumer spending, a major economic driver, shrank 7.5% from a year earlier, depressed by widespread job losses.
The recovery largely reflected rebounds in industrial production and mining and quarrying output.
China's industrial production rose by 4.4 percent year-on-year in May 2020, missing market consensus of a 5 percent growth, suggesting the economy is still struggling to get back on track after the COVID-19 crisis. A Reuters poll this month has forecast GDP to expand 2.2% in 2020, up from 1.8% projected in the last poll in April, with recently improving data underpinning the more upbeat outlook. An economy badly battered by the coronavirus shrank at a record 32.9% pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history June factory gate prices fell in annual terms for the fifth consecutive month but at a slower-than-expected rate. BEIJING (Reuters) - China’s factory activity probably grew for the fifth month in July, but at a slower pace, as floods disrupted manufacturing and a resurgence in coronavirus cases around the world threatens to undermine the gradual domestic recovery. China Industrial Output Growth Below Forecasts. “Improvement in consumption momentum is likely to continue, albeit from a weak starting point.” The scale of job losses as retailers, restaurants and export-driven factories close due to lack of demand is unclear but private sector analysts say the total could run as high as 30 million.Investment in fixed assets, the second-biggest driver of economic growth, shrank by 10.3% from a year ago but that was better than the first quarter’s 16.1% contraction. This service is not intended for persons residing in the EU. The quickened growth in industrial production and sales, as well as the moderate drop in the factory-gate prices of industrial products, led to the expansion of profits in June, according to Zhu. Associated Press China reports rising industrial production but falling consumer spending in April Published: May 15, 2020 at 3:28 a.m. Gauges ranging from trade to producer prices have all reflected signs of a further pick-up in manufacturing, but analysts say factories could have a tough time maintaining momentum as pent-up demand wanes and heavy flooding across large swathes of China disrupts economic activity. Mediacorp Pte Ltd. All rights reserved. China's producer price index, a gauge of factory gate prices, decreased 3.0% in June, compared with May's 3.7% decrease, official data showed earlier. China has largely managed to recover from strict lockdowns that had led to weeks of economic paralysis, although it is now battling the most aggressive return of the novel coronavirus in months, driven by infections in the far western region of Xinjiang and a separate flare-up in the northeast. The figure marked the best result on record.
Imports in June rose for the first time since the health crisis hit the economy, as government stimulus stoked demand for commodities, while exports, fuelled by medical goods, also rose in a sign the recovery is gaining traction. China’s government has set a target of creating 9 million new urban jobs in 2020, compared to 11 million last year, and maintaining a surveyed urban unemployment rate of around 6 … Factory output rose 3.9% in April from a year earlier, an improvement over the previous month’s 1.1% contraction.
meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners BEIJING: China's industrial output returned to growth for the first time this year in April, official data showed Friday (May 15), as the country continued its gradual recovery after the coronavirus brought activity to a near-halt.Industrial production grew a more-than-expected 3.9 per cent year-on-year last month in a sign that China – where the pathogen first emerged – is recovering from tough lockdown measures now seen in other parts of the world.A Bloomberg poll of analysts had forecast growth of 1.5 per cent.But retail sales remained in contraction territory, National Bureau of Statistics data showed, signalling that consumer demand is still weak despite China's initial success in containing the outbreak.Retail sales were down 7.5 per cent from a year ago, an improvement from a 15.8-per cent plunge in March.Industrial production growth last month was better than the 1.1-per cent contraction in March and 13.5-per cent collapse in the first two months of this year as well – the first time industrial output shrank in three decades as the virus ravaged the economy.Unemployment, however, crept up by 0.1 per cent from March, to 6 per cent, adding to concerns over a post-pandemic rebound.Nomura analysts said in a recent report that markets may have been "overly optimistic" about a swift recovery in China, pointing to collapsing external demand due to the spread of the pandemic and the growing threat of a second wave of COVID-19 infections.They added that a moderate rebound in locally transmitted cases in recent days remains a concern also, as China gradually relaxes social distancing rules, noting that business recovery is mixed across different sectors.
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