BEIJING – China’s key economic indicators for October came in better than expected, despite mounting headwinds from the new COVID-19 outbreak, a downturn in the property market and power shortages.
Industrial production rose 3.5% from a year earlier in October, accelerating from September’s 3.1% increase, the National Bureau of Statistics said on Monday.
The results were also above the average forecast of 2.8% by economists released by The Wall Street Journal.
Industrial output cooled rapidly in September amid a widespread electricity crisis caused by a coal shortage and the government’s ambitious carbon-reduction efforts.
Retail sales, a key consumer measure, rose 4.9% in October, well above September’s 4.4% gain and the 3.5% increase expected by economists by the WSJ. survey.
Investment in fixed assets grew 6.1% in the January-October period from a year earlier, slowing from the 7.3% pace set for the first three quarters, data showed. officially showed. Economists had predicted a 6.2% increase in the first ten months of the year.
China’s urban unemployment rate was unchanged at 4.9% in October and the government said it had hit its annual job creation target after adding 11.33 million jobs in the first 10 months. year.
https://www.marketwatch.com/story/major-chinese-economic-indicators-for-october-exceed-expectations-271636942063?rss=1&siteid=rss | China’s key economic indicators in October beat expectations