China reported a raft of unexpectedly weak July data on Wednesday, including a s...
BEIJING - China reported a raft of unexpectedly weak July data on Wednesday, including a slump in industrial output to more than 17-year lows, pointing to further slowing in the economy as the U.S. trade war takes a heavier toll on businesses and consumers.
That followed weaker-than-expected bank lending and gloomy factory surveys, reinforcing expectations that more policy support is needed soon. Analysts had forecast it would slow to 5.8%, from June’s 6.3%. Washington had sharply raised some tariffs in May. While officials have cautioned it would take time for higher infrastructure spending to kick in, construction growth has been more muted than expected.
Data from Japanese construction equipment maker Komatsu Ltd. showed activity remained weak in China in July, with operating hours for its machines falling for a fourth straight month. Job security worries may also be a factor. Nationwide survey-based unemployment edged up to 5.3% from 5.1% in June, though many market watchers believe it could be much higher.
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