China Releases A Whole Lot Of Made Up Economic “Data”, “Markets” Fail To Respond
It’s that time of the month when the goalseekotron in China’s NBS (which stands for National Bureau of Statistics and not Nonstop Bullshit) gets hyperactive and China spews out a whole lot of numbers that are supposed to represent the Beijing politburo’s model of how China’s economy should work at this moment, and which for some odd reason are closely followed. These include retail sales, industrial production, property investment, as well as unemployment and capex, and for some reason are closely followed by very serious analysts, and sometimes even move markets.
Which is why it is out obligation to inform you that this is what China “reported” moments ago as part of its April “economic” “data” dump.
- Industrial Output +3.9% Y/y; beat exp. +1.5%; up from -1.1% in March:
- Retail sales -7.5% y/y; miss exp. -6%, up from -15.8%
- Jan.-April fixed-asset investment excluding rural households -10.3% y/y; miss exp. -10%, and up from -16.1% in Jan.-March.
- Jan.-April property investment -3.3% y/y vs -7.7% in Jan.-March
- End-April surveyed jobless rate 6.0% vs 5.9% in March
Now, we could provide some commentary – either pithy and incisive or profound and in-depth – on these data, but since this is all just made up numbers in some excel spreadsheet located in Beijing (perhaps one infected by some deadly Chinese visual basic virus), we won’t bother – especially when observing that after the biggest contraction in Chinese economic history the unemployment rate “soared” from 5% to 6%, we won’t, and instead will show what real time economic trackers show for China’s industrial and consumer activity, and let readers make their own conclusions.
And since all the “data” is made up anyway, it is only fitting that the made up “market” did not even bother to respond.