BEIJING — October readings for China’s major economic indicators came in better than expected, despite rising headwinds from renewed COVID outbreaks, a property market downturn and power shortages.

Industrial production rose 3.5% from a year earlier in October, speeding up from September’s 3.1% expansion, the National Bureau of Statistics said Monday.

The result was also higher than the 2.8% median forecast made by economists polled by The Wall Street Journal.

Industrial output had cooled quickly in September amid a widespread power crunch resulting from coal shortages and the government’s ambitious carbon emissions-reduction efforts.

Retail sales, a key gauge of consumption, increased 4.9% in October, higher than September’s 4.4% growth and the 3.5% rise expected by the economists surveyed by the WSJ.

Fixed-asset investment rose 6.1% in the January-to-October period from a year earlier, slowing from the 7.3% pace set in the first three quarters, official data showed. Economists had anticipated an increase of 6.2% in the first ten months of the year.

China’s urban unemployment rate stayed unchanged at 4.9% in October and the government said it has met its annual job creation target after adding 11.33 million jobs in the first ten months.

Source: This post first appeared on http://marketwatch.com/

You May Also Like

Joey Chestnut Downs 63 Hot Dogs, Miki Sudo 40 To Win Nathan’s Eating Contest

[ad_1] Joey Chestnut (L) and Miki Sudo (R) hold 63 and 40…

Halsey Is Latest Celebrity To Share Abortion Story In Wake Of Dobbs’ Ruling

[ad_1] Topline After the Supreme Court repealed the constitutional right to an…

SBF denies FTX is eyeing distressed crypto mining companies

[ad_1] Sam Bankman-Fried, the founder of crypto exchange FTX, has calmed speculation…

Accelerate Growth by Seeing Your Business Through Your Clients’ Eyes

[ad_1] Opinions expressed by Entrepreneur contributors are their own. At this point…

British Army’s social media accounts hacked by crypto scammers

[ad_1] The British Army’s official Twitter, Facebook, and YouTube accounts were breached…

Signing Juan Soto Before 2024 Free Agency Could Pose Financial Issues For Washington Nationals

[ad_1] Former National League batting champ Juan Soto has received several contract…

The Supremes' EPA Decision: What's Important

[ad_1] This week, the U.S. Supreme Court ruled against the Environmental Protection…

Bitcoin faces fresh pressure as US dollar crushes gold, risk assets

[ad_1] Bitcoin (BTC) hit daily lows on the July 5 Wall Street…