China's economic growth slows down in July
China's economic growth cooled off in July, with factory output, retail sales, and housing prices all losing steam.
The main culprits? Ongoing trade tensions with the US and a long-running property slump.
Industrial output grew just 5.7% (down from June's 6.8%), and investment slowed compared to earlier this year.
Property sector takes a hard hit
The property sector took a hard hit—investment dropped by 12%, and housing investments slid nearly 11%.
Big cities saw home prices fall another 1.1%. The broader property market downturn began during the COVID-19 pandemic.
This has triggered debt defaults and job losses, making things even tougher for many.
Consumer demand at home stays weak
While exports actually jumped 7.2% thanks to a tariff truce with the US and easier comparisons to last year, consumer demand at home stayed weak.
Retail sales growth slowed to its slowest rate in seven months at just 3.7%, wholesale prices fell, and urban unemployment ticked up to 5.2% as more grads entered the job market—showing that challenges are far from over for young people in China right now.