China's industrial output growth eases, retail trade exceeds expectations

By Tuba Ongun

China on Monday announced slower industrial production and better-than-expected retail sales data for May.

Industrial production increased 5.6% in May from a year earlier, compared to April's 6.7% rise, the National Bureau of Statistics data showed.

Output cooled for manufacturing (6% in May versus 7.5% in April) and utilities (4.3% versus 5.8%), while activity gained momentum for mining (3.6% versus 2%).

On a monthly basis, industrial output edged up by 0.3% in May, easing from a 1% growth in April.

Retail sales went up by 3.7% at an annualized pace in May, accelerating from a 15-month low of 2.3% gain in April and beating market forecasts of a 3% hike.

This marked the 16th straight month of rising retail turnover, and the sharpest since February 2024.

On a month-on-month basis, retail trade climbed 0.5% in May, the largest growth since October 2023.

The statistical authority also said the urban unemployment rate stood at 5% in May, stable compared to a month earlier.