China: Industrial output bounces back in May
Industrial output rose 0.7% compared to the same month of the previous year in May, which contrasted April’s 2.9% decrease. The notable improvement was largely driven by a rebound in manufacturing output, as some of the factories forced to close in April due to Covid-19 were able to resume production during May. In contrast, energy output decelerated.
On a seasonally-adjusted monthly basis, factory output rose 5.6% in May (April: -5.8% mom), the best result since March 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 4.1%, down from April’s 4.8% reading.