China August Industrial Production +5.2% y/y, vs. expected 5.8%

China August Industrial Production +5.2% y/y, vs. expected 5.8%

• The activity data is centred on 3 indicators: industrial production, retail sales and fixed asset investment.

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Industrial Production +5.2% y/y, a miss and lower than the rise in July

• expected +5.8%, prior was 5.7%

Fixed Assets (excluding rural) YTD +0.5% y/y, a big miss

• expected 1.4%, prior was 1.6%
• property investmen fell 12.9% in the January - August period

Retail Sales +3.4% y/y, a big miss

• expected 3.8%, prior was 3.7%

Unemployment rate 5.3%

• up from July's 5.2%

This is disappointing data from China. Exports face tariff headwinds, while the weak property sector (house prices down, again, in August) weighs on domestic demand.