China’s economic recovery dragged down by property slump and weak consumption in July
A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released by the National Bureau of Statistics
By AP News
Published - Aug 15, 2024, 04:22 AM ET
Last Updated - Aug 15, 2024, 04:22 AM EDT
BEIJING (AP) — A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released Thursday by the National Bureau of Statistics.
Unemployment rose for the first time since February, clocking in at 5.2%, compared to 5% in June.
Industrial production also rose more slowly than the previous month, showing a 5.1% year-on-year increase in July, compared to a 5.3% rise in June.
Retail sales grew slightly more than analysts had expected, rising 2.7% year-on-year in July, compared to 2% in June.
