Data from China April 2022
Retail sales -11.1% y/y
- expected -6.1%, prior -3.5%
Industrial production -2.9% y/y
- expected +0.4%, prior +5.0%
Investment, fixed asset excluding rural +6.8% y/y
- expected 7.0%, prior 9.3%
Urban jobless rate 6.1%
- expected 5.8%, prior 6.0%
As you can see, retail sales and industrial output have both collapsed for March and are lower than even the lackluster expectations for April. Terrible numbers (they could be even worse given the doubts that tend to accompany official data from China).
Some analyst responses coming in:
- these economic numbers are some of the worst ever reported
The China data is a negative for AUD and other 'risk' assets.