Industrial Production in China Up 7% in January-February... 'Exceeds Expectations' (Update)

China's industrial production for January to February increased by 7.0% year-on-year, according to the National Bureau of Statistics of China on the 18th.

This figure exceeds both the market forecast (5.3%) and the previous month's figure (6.8%). Industrial production aggregates the total output of factories, mines, and public utilities, reflecting manufacturing trends. It is also used as a leading indicator for employment and average income.

[Image source=AFP Yonhap News]

On the other hand, domestic consumption showed a sluggish trend. Retail sales for January to February increased by 5.5% year-on-year, falling short of both the previous month's figure (7.4%) and the forecast (5.6%).

The unemployment rate worsened to 5.3% from 5.1% in the previous month. This is also the highest rate since July of last year.