| Actual | Previous | Consensus | Consensus Range | |
|---|---|---|---|---|
| Month over Month | 0.46% | 0.41% | ||
| Year over Year | 5.4% | 5.3% | 5.3% | 5.2% to 5.7% |
Highlights
Chinese industrial production rose 5.4 percent on the year in November, up slightly from growth of 5.3 percent in October. Within the industrial sector, manufacturing output rose 6.0 percent on the year after increasing 5.4 percent previously. Utilities output and mining output rose 1.6 percent and 4.2 percent on the year respectively after previous increases of 5.4 percent and 4.6 percent respectively. In month-over-month terms, industrial production rose 0.46 percent after increasing 0.41 percent previously.
In their statement accompanying today's data, officials characterised the data as showing the economy was"generally stable with steady progress" and has"sustained the recovery momentum" but noted"the external environment is increasingly complicated" and"demand is insufficient at home". Officials, however, provided little guidance about whether additional changes to policy settings will be considered in the near-term.
Data published today showed weaker-than-expected retail sales, with other indicators close to consensus forecasts. The China's RPI and RPI-P remained unchanged at minus 21 and minus 30 respectively, indicating that recent Chinese data in sum are coming in well below consensus forecasts.
In their statement accompanying today's data, officials characterised the data as showing the economy was"generally stable with steady progress" and has"sustained the recovery momentum" but noted"the external environment is increasingly complicated" and"demand is insufficient at home". Officials, however, provided little guidance about whether additional changes to policy settings will be considered in the near-term.
Data published today showed weaker-than-expected retail sales, with other indicators close to consensus forecasts. The China's RPI and RPI-P remained unchanged at minus 21 and minus 30 respectively, indicating that recent Chinese data in sum are coming in well below consensus forecasts.
Market Consensus Before Announcement
Growth in industrial production, like fixed asset investment, has held in a range lately around October's 5.3 percent from a year ago, and forecasters expect more of the same in November with a year-on-year growth rate of 5.3 percent.
Definition
Industrial production measures the change in the total inflation adjusted value of output produced by manufacturers, mines and utilities. Data are compared with the same month a year earlier.
Description
Chinese data can have a broad impact on the currency markets due to China's dominant influence on the global economy and investor sentiment. It's a leading indicator of economic health. Production is the dominant driver of the economy and reacts quickly to ups and downs in the business cycle. No data are published in February for January.
The industrial growth rate is used to reflect a certain period of increase or decrease in volume of industrial production indicators. The indicator can be used to estimate the short term trend of the industrial economy, to judge the extent of the economic boom and also to be an important reference and basis for the formulation and adjustment of economic policies.
The industrial growth rate is used to reflect a certain period of increase or decrease in volume of industrial production indicators. The indicator can be used to estimate the short term trend of the industrial economy, to judge the extent of the economic boom and also to be an important reference and basis for the formulation and adjustment of economic policies.
