China’s economic downturn gets deeper in November
Manufacturing activity continued to lose steam, with industrial output expanding by 4.8% compared to a year earlier. This marked a slowdown from the previous month and fell short of expectations, according to official figures. The pace of growth was the weakest recorded since August 2024.
Consumer activity also remained fragile. Retail sales increased by just 1.3% in November, undershooting forecasts and declining from October’s level, underscoring persistent caution among households.
Investment indicators pointed to further strain. Fixed-asset investment—including spending on infrastructure, real estate, and equipment—contracted by 2.6% in the first eleven months of the year, worsening from the 1.7% decline seen in the January–October period.
The real estate slump, now entering its third year, continued to weigh heavily on the broader economy. Property investment fell 15.9% during the first eleven months, deepening from earlier declines. New home sales by floor area also weakened, sliding 7.8% over the same period, a faster drop than previously recorded.
Private-sector investment, often viewed as a gauge of business confidence, deteriorated further as well, declining 5.3% in the first eleven months of the year, compared with a smaller fall in the prior period.
Despite the broad-based slowdown, labor conditions showed little change. The urban unemployment rate remained steady at 5.1% in November, according to official data.
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