China’s economy holds up in October: UBS
Data shows economic activity steady after dropping in September
New economic data from UBS suggests that China’s economy is steady as she goes, with growth holding up in October following a dip in September.
“Our analysis of UBS Evidence Lab data indicates October economic activities have held up well after a collapse in September. We expect industrial production to bounce back with improving imports and exports growth, retail sales (ex-autos) growth to improve from last month, manufacturers’ automotive sales growth remains soft,” a report released on Friday said.
“Property sales growth have flattened, and property investment growth continues upwards,” the report noted.
The measures from UBS provide a snapshot ahead of official releases using third-party data sources and are most accurate in predicting momentum in economic activity with regard to industrial production and auto sales, according to economists at the bank.
The indication that China’s economy may be holding steady come amid public concern from policymakers in Beijing regarding the economic slowdown.
The People’s Bank of China said Friday in a monetary policy implantation report that the country’s economy was facing downward pressure, the latest in a series of public comments from government officials signaling need for supportive policies.