China's November industrial profit growth slowest since April

Dhwani Mehta FXStreet

China’s National Bureau of Statistics (NBS) said on its website on Wednesday, the country’s profits for industrial firms rose at a sharply slower pace last month, in response to weaker demand and price pressures.

Key Points via Reuters:

Profits in November rose 14.9 percent to 785.8 billion yuan ($120.05 billion). It marked the slowest monthly growth rate since April’s 14.0 percent.

He Ping of the statistics bureau said in a statement: “Earnings were pressured in November by a slower pace of price rises compared to previous months. November’s 5.8 percent rise in producer prices, down from 6.9 percent in October, noting that it was the biggest month-to-month slowdown in factory inflation this year. More than half of the increase in profits in Jan-Nov came from coal mining and washing, iron and steel smelting and processing, chemicals, and oil and natural gas extraction.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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