Chinese data dump offers slight beat

China’s August figures are out and show as expected a modestly accelerating economy with absolutely no evidence of rebalancing.

Industrial Production was the best of the numbers at 10.4% well ahead of consensus at 9.9% and last moth’s 9.7%.

Fixed asset investment came in at 20.3 versus 20.2 for consensus and 20.1 for last month.

Retail sales were at 13.4% versus 13.3 consensus and 13.2% last month.

Consistent with a modest acceleration in growth and GDP in the low 8% range. Enough perhaps to fuel the dollar rally for a bit (20 pips so far) but nothing tearaway by any means.

Share

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.