🇨🇳 Industrial Production
M/M % Change
Previous: 0.51 %
Actual: 0.48 %
Revised: 0.50 %
Yr/Yr % change
Previous: 6.2 %
Consensus: 6.1 %
Actual: 6.1 %
–> Chinese industrial production grew 6.1 percent on the year in November, down from 6.2 percent in October and matching the consensus forecast. This is the weakest year-on-year growth in industrial output since August. Industrial production rose 0.48 percent on the month in November after an increase of 0.50 percent in October.
Weaker headline industrial production growth in November was driven by the utilities sector, where year-on-year growth slowed to 4.5 percent from 9.2 percent in October. This is the weakest growth in the sector for the year. Growth also weakened in the mining sector, where output fell by 1.7 percent on the year after dropping 1.3 percent previously. These moves were partly offset by slightly stronger conditions in the manufacturing sector, with year-on-year growth picking up from 6.7 percent in October to 6.8 percent in November.
Within the manufacturing sector, year-on-year growth strengthened for automobiles, chemicals, and communication equipment but weakened for electric machinery and general equipment.
The decline in year-on-year growth in manufacturing output shown in today’s data is consistent with the Caixin manufacturing PMI survey which also showed a drop in its headline index in November. (Shown below).
The headline index for the official CFLP manufacturing PMI survey, in contrast, picked up in November.