Chinese Data Dump Confirms Hard Landing Imminent | WHAT REALLY HAPPENED

Chinese Data Dump Confirms Hard Landing Imminent

Update (2210): On the heels of data showing land sales collapsing, tonight's smorgasbord of data (absent only GDP) on consumption, industrial output and investment will reveal the extent of the damage caused by an outbreak of the delta variant.

As a reminder ahead of tonight's August data, the latest official composite purchasing manager’s index fell to the lowest since February 2020, its first contraction after the virus lockdowns, signaling China’s robust economic recovery from last year’s coronavirus trough is losing momentum.

Industrial Production YTD YoY MISSED at +13.1% vs +13.5% exp DOWN from +14.4% prior

Retail Sales YTD YoY MISSED at +18.1% vs +18.9% exp DOWN from +20.7% prior

Fixed Asset Investment YTD YoY MISSED at +8.9% vs +9.0% exp DOWN from +10.3% prior

Property Investment YTD YoY MISSED at +10.9% vs +11.3% DOWN from +12.7% prior

Surveyed Jobless Rate IN LINE at 5.1% vs 5.1% exp IN LINE with 5.1% prior

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