December United Kingdom Job News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Chinese data out this morning disappointed badly. The GDP data looked okay with a 1.0% q/q increase (consensus of 1.1%). This compares with a growth rate of 1.5% q/q for Q3 (revised up from 1.3% q/q). With the Q4 release, Chinese GDP growth for the year 2023 stood at 5.2%, thus beating the government's 5% growth target and in line with consensus. However, data for consumption and housing was weak. Chinese retail sales for December stood at 7.4% y/y missing expectations of 8% y/y, and down from 10.1% y/y in November. Home sales dropped to a new low in December 50% below the pre-pandemic level (link to chart), and house prices fell 0.5% m/m marking the biggest drop since 2015. The numbers raise warnings that the housing crisis continues to deepen, and that the consumer engine is slowing down. The data highlights the need for further stimulus. Chinese population fell for the second year in a row, shrinking by 2m in 2023. Chinese offshore stocks have taken a new hit after the data and ....

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