China is still experiencing unbalanced recovery as major economic indicators such as household income, consumption, employment and service sector are yet to recover to pre-pandemic positions.
Source: CNBC News.
Shanghai Composite dips -1.07%.
Consumer spending has slowed economic recovery from the pandemic as retail sales are improving at a tardy rate.
Industrial production also missed growth expectations of above 9%, rising by 8.8% in May. Investment in fixed assets grew by 15.4%, lower than growth projections of 16.9%.
Business activities in China’s services industry are still lagging, as it continues to hire more people.
China’s unemployment rate in major cities dropped to 5% in May but increased to 13.8% for younger people aged 16 to 24 years.