Recap of the China's industrial profits data (showed a 9.9% fall y/y in October)

Author: Eamonn Sheridan | Category: News

The data post is here from earlier: China data - Industrial Profits for October -9.9% y/y (prior -5.3%)

  • biggest fall since 2011
  • 3rd consecutive month of negative (i.e. falls in profit ... this can be significant for capex ahead and not in a positive way) 
For the January-October period, i.e. YTD, , profits -2.9% y/y
  • compare with -2.1% for January-September
A few more details from the release:
Industrial companies' liabilities +4.9% y/y (was +5.4% in September)
Profits of state-owned industrial firms down 12.1% y/y YTD
  • private sector +5.3% 

China's NBS senior statistician Zhu Hong:
  • fall in profits was mainly attributable to an expanding decrease in producer prices for manufactured goods, slower production and sales growth
This is data for firms with more than 20m yuan in annual revenue from their main operations.

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