| Actual | Previous | Consensus | Consensus Range | |
|---|---|---|---|---|
| Month over Month | 0.44% | 0.17% | ||
| Year over Year | 4.8% | 4.9% | 5.0% | 5.0% to 5.4% |
Highlights
Chinese industrial production rose 4.8 percent on the year in November, little changed from growth of 4.9 percent in October and falling just short of the consensus forecast of 5.0 percent. In month-over-month terms, industrial production rose 0.44 percent in November after an increase of 0.17 percent in October.
Within the industrial sector, manufacturing output rose 4.9 percent on the year in October, also slowing from an increase of 4.6 percent in October. Utilities output and mining output rose 4.3 percent and 6.3 percent on the year respectively, after previous increases of 5.4 percent and 4.5 percent respectively.
In their statement accompanying today's data, officials characterised the data as showing the economy sustained"the momentum of steady progress" despite"multiple challenges of external instability" and"insufficient effective domestic demand". Officials provided no specific guidance about whether changes to policy settings will be considered in the near-term, but reaffirmed their commitment to"proactive" macroeconomic policies.
Data published today were mixed relative to consensus forecasts. The China's RPI and RPI-P fell from zero and plus 10 to minus 29 and minus 30 respectively, indicating that recent Chinese data in sum are coming in below consensus forecasts.
Within the industrial sector, manufacturing output rose 4.9 percent on the year in October, also slowing from an increase of 4.6 percent in October. Utilities output and mining output rose 4.3 percent and 6.3 percent on the year respectively, after previous increases of 5.4 percent and 4.5 percent respectively.
In their statement accompanying today's data, officials characterised the data as showing the economy sustained"the momentum of steady progress" despite"multiple challenges of external instability" and"insufficient effective domestic demand". Officials provided no specific guidance about whether changes to policy settings will be considered in the near-term, but reaffirmed their commitment to"proactive" macroeconomic policies.
Data published today were mixed relative to consensus forecasts. The China's RPI and RPI-P fell from zero and plus 10 to minus 29 and minus 30 respectively, indicating that recent Chinese data in sum are coming in below consensus forecasts.
Market Consensus Before Announcement
The consensus sees output up 5.0 percent on year after rising 4.9 percent in October.
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.
