– A + A (Aug 16): China's economic activity slowed more than expected in July, with fresh virus outbreaks adding new risks to a recovery already hit by floods and faltering global demand. All the main data missed forecasts: retail sales expanded 8.5% in July from a year earlier, lower than the 10.9% predicted by economists; industrial output increased 6.4% versus the median estimate of 7.9%; fixed-asset investment grew 10.3% in the first seven months of the year, compared with a forecast of 11.3%. The unemployment rate rose to 5.1%. China's slowdown adds to signs the global recovery is faltering. U.S. consumer confidence fell in early August to the lowest level in nearly a decade as Americans grew more concerned about the economy's prospects, inflation and the recent surge in coronavirus cases. Real-time data already show Asia's economies are taking a hit as consumers curb spending and supply chains are disrupted. "July's data suggest the economy is losing steam very fast," said Raymond Yeung, chief economist for Greater China at Australia and New Zealand Banking Group. "The resurgence of delta also adds extra risk to August's activities." On a two-year average basis, which strips out statistical distortions from last year's… Read full this story
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