Chinese growth crushes iron ore hopes

Monday, 16 August 2021

China has released its July data dump and it’s a doozy. Industrial production came in at 6.4% versus 7.4% consensus and 14.4% YTD. Fixed asset investment is sliding away at 10.4% YTD. Retail sales were up 8.5% versus 11.5% expected and 20.7% YTD:

Looking at the data over two years is a better way to see the slowdown:

Turning to realty, the data is becoming ominous. House prices are still OK, up 0.4% on the month and 4.6% on the year:

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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.