Industrial profits data for China in November 2023 has been released:
- +29.5% y/y for the month, up sharply from October’s +2.7% y/y and its fourth consecutive month of growth
- and -4.4% YTD y/y (i.e. January – November y/y), from January – October’s reading of -7.8% y/y
So, weaker profits over the first 11 months of this year compared with the same period in 2022, but the November alone month up nearly 30% is encouraging.
China is dealing with weakening demand with its stumbling recovery from lockdowns.
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Industrial profit numbers cover firms with annual revenues
of at least 20 million yuan ($2.80 million) from their main
operations.
This article was written by Eamonn Sheridan at www.forexlive.com.
