China’s consumer and factory data miss expectations in July

Employees working on an air-conditioner production line at a Midea factory in Guangzhou, China.

Data for July came in below expectations.

The National Bureau of Statistics reported that retail sales grew in July. Growth in June was 3.1%, down from the forecast of 5% by the poll. Catering, furniture, and construction- related categories all saw declines.

The increase in sales of autos was 9.7%. The gold, silver and jewelry category saw the biggest increase.

Industrial production increased by 3.8%, missing expectations for 4.6% growth and a drop from the previous month's 3.9% increase.

The growth in fixed asset investment for the first seven months of the year was less than expected.

Investment into real estate fell at a faster rate in July than it did in June. In July, investment into infrastructure increased at a slightly faster rate than in June. The data is only released on a year-to-date basis.

The unemployment rate for China's youth was over 20%. In cities, the unemployment rate was 5.4%.

The national economy continued to recover, according to the statistics bureau. The foundation for the recovery of the domestic economy is yet to be consolidated, despite warnings of rising deflation risks.

As China put the worst of this year's Covid-related lockdowns behind it, analyst forecasts for July showed a pickup in economic activity.

Despite growing concerns of falling global demand, exports remained robust last month. In July, imports rose by just 2.3%.

China's massive real estate sector is under renewed pressure. Homebuyers stopped their mortgage payments to protest delays in the construction of homes in China.

Future sales are at risk because of the decline in confidence.

Sentiment has been affected by the possibility of a Covid outbreak. Tens of thousands of tourists were stranded this month due to infections in tourist destinations.

There is a large gap between goals set at the beginning of the year and reality. In the first half of the year, Hainan was able to grow by 1.6%.

China's GDP grew by 2.5% in the first half of the year, well below the full-year target of 5.5%.

China might miss its GDP goal for the year according to the country's top leaders. The importance of stabilizing prices was noted by the meeting.

Pork prices rebounded in July as the country's consumer price index hit a two year high.

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