China's Production and Consumption Slump Continues in May... Youth Unemployment Rate Hits New High (Comprehensive)

China's economic recovery following the declaration of With-Corona at the end of last year is lagging behind expectations. Both production and consumption indicators for May fell short of expectations, and the youth unemployment rate hit a new record high for the second consecutive month.

On the 15th, the National Bureau of Statistics of China announced that industrial production in May increased by 3.5% year-on-year. This figure not only worsened compared to the previous month's 5.6% but also fell short of experts' forecast of 3.8%.

China's industrial production measures the total output of factories, mines, and public facilities, reflecting manufacturing trends and serving as a leading indicator for employment and average income.

On the same day, China's retail sales in May increased by only 12.7% year-on-year. This was also weaker compared to the previous month's 18.4% and the forecast of 13.7%. Urban fixed asset investment increased by 4.0% year-on-year on a cumulative basis through May, falling short of the cumulative figure through April (4.7%) and the forecast (4.4%).

The unemployment rate remained steady at 5.2% for the third consecutive month following March and April. The youth (ages 16?24) unemployment rate recorded 20.8%, setting a new record high following the previous month’s 20.4%.

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