China's factory, retail sectors skid
The mainland's economy lost more steam in November as factory output growth slowed and retail sales extended declines, both clocking their worst readings since May, hobbled by surging Covid-19 infections and virus restrictions. Industrial output rose 2.2 percent in November from a year earlier, missing expectations for a 3.6 percent gain in a Reuters poll and slowing significantly from the 5.0 percent growth seen in October, the National Bureau of Statistics (NBS) data showed on Thursday.  It marked the slowest growth since May when Shanghai was under lockdown, partly due to disruptions in key manufacturing hubs Guangzhou and Zhengzhou. Retail sales fell 5.9 percent amid broad-based weakness in the services sector, also the biggest contraction since May. Analysts had expected the gauge of consumption to shrink 3.7 percent, accelerating from a 0.5 percent dip in October. Other headwinds the country faces are a property slump, global recession risks and geopolitical uncertainties. Property investment fell 9.8 percent year-on-year in January to November, after declining 8.8 percent in January to October, dragging on the sector's downturn. Policymakers have rolled out support for the sector on almost all fronts, including credit lines from banks, bond financing and equity financing. Hiring remained low among companies wary about their finances. The nationwide jobless rate stayed at 5.7 percent in November, up from 5.5 percent in October. Youth unemployment stood at 17.1 percent, lower than 17.9 percent in October. The economy grew just 3 percent  in the first three quarters of this year and is expected to stay around that rate for the full year. All eyes are on the closed-door annual Central Economic Work Conference, when mainland leaders gather to set next year's economic agenda. (Reuters)