Weekend data: China’s industrial profits fell 6.7% m/m in July, y/y down 7 months in a row | Forexlive

Profits at China’s industrial firms fell 6.7% y/y

prior -8.3%
down 15.5% y/y for the YTD (January – July), following a 16.8% fall from January – June
State-owned enterprises earnings -20.3% in the first seven months
private-sector companies -10.7% ytd
profits fell for 28 of 41 major industrial sectors ytd

From China’s National Bureau of Statistics (NBS):

“Commodity prices are running low, the pressure on raw material costs in the midstream and downstream industries has eased. Unit cost of industrial enterprises has improved overall,”
unit costs in July posted the first year-on-year decrease since the beginning of this year

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Further dour news on how China’s economy has faltered since exiting ‘COVID zero’.