A day before the data release, China's National Bureau of Statistics canceled its in-person press conference set for Thursday without explanation.
Several "robot arms" work on the automated assembly line of final wheel hub at a production workshop in Anqing city, Anhui province, China, Dec 9, 2022.BEIJING — China reported economic data Thursday that missed expectations across the board during a month in which widespread Covid controls weighed on growth.That's worse than expectations for a decline of 3.7%, according to analysts polled by Reuters, and a greater drop than theIndustrial production grew by 2.
Investment in infrastructure picked up pace in November from October on a year-to-date basis, while that in manufacturing slowed slightly. Investment in real estate fell at a sharper pace amid the industry's ongoing slump.Weaker output in China will push commodity prices down but may interfere with supply chains, says Fed Chair PowellThe unemployment rate in cities ticked up to 5.7% in November. The jobless rate for young people ages 16 to 24 remained a far higher 17.1%.
Food and medicine were the only sub-categories that saw sales growth in November from a year ago, according to the statistics bureau. Clothing and shoes saw sales plunge by 15.6%.
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