The jump in unemployment was just one of several data points released Monday that showed how severely the virus has hit growth in the world's second-largest economy.
Retail sales of consumer goods dropped 20.5% year-on-year in January and February. Online sales of physical consumer goods increased 3%, accounting for about a fifth of overall retail sales. Industrial production fell 13.5%, while fixed-asset investment fell 24.5% over the same time period.The contraction in January and February data "implies negative 1Q GDP growth," Morgan Stanley economists Robin Xing, Zhipeng Cai and Jenny Zheng, said in a note Monday.
The additional pressure on the economy from the virus' spread overseas will likely make it even more difficult for China to achieve its GDP growth target. The annual meeting for publicly announcing the figure has been postponed as a result of the virus, but officials have maintained publicly that the country is still on pace for reaching its goal.
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