MNI BRIEF: China's May Consumption Hits Over One-Year High
Jun-16 02:49
China+ 1
China's retail sales, a gauge of consumption, quickened to 6.4% y/y in May from April's 5.1% growth, hitting the highest level since December 2023, beating the 4.9% forecast, according to data released Monday by the National Bureau of Statistics.
Industrial production increased 5.8% y/y in May to record a six-month low, down from April's 6.1% growth, and missing the expected 6.0%.
Fixed-asset investment decelerated for the third month to 3.7% y/y in the first five months from the previous 4.0% result, underperforming expectations of 4.0%. Property investment fell by 10.7%, expanding from the previous 10.3% decline. Infrastructure investment and manufacturing investment grew by 5.6% and 8.5%, compared with the previous 5.8% and 8.8%.
