Data from China for August economic activity was terrible.
Weak consumption was reflected in very slow retail sales growth. A previous bright spot, industrial production, decelerated also.
Youth unemployment remained wedged at 17.1%
Home prices slumped at their sharpest rate in a year.
My post from the weekend included bizarrely upbeat comments from China’s National Bureau of Statistics (NBS):
China August: Retail sales +2.1% y/y (expected +2.5) Industrial production +4.5% y/y (4.8)
It looks like Temu has seen a rush on these. Not surprising after that data.
This article was written by Eamonn Sheridan at www.forexlive.com.
