China’s industrial profits fell 2.1% from January to August, widening from a 1.1% decline in the first seven months of the year, data from the National Bureau of Statistics showed.
The larger year-over-year decline comes after China reported improved factory production, which rose 4.2% year-on-year in August, compared with July’s 3.8% growth.
The Census Bureau stopped releasing monthly year-on-year industrial earnings numbers last month when the metrics were likely to turn negative. It’s unclear how big the earnings drop was in July, but earlier industrials posted 1.0% year-on-year earnings growth in the January-June period.
The bureau said profits and revenues of foreign industrial companies improved over the past month, with profit reversing from a year-on-year decline in July and posting a 6% rise in August.
Profits from China’s small industrial firms also improved in August, easing their year-on-year decline.
In the first eight months of the year, China’s miners reported earnings growth of 88.1%, up from 105% in the first seven months. Manufacturers’ profits fell 13.4% year-on-year in January-August after falling 12.6% from January to July, official data showed.
Write to editors in Singapore at email@example.com
https://www.marketwatch.com/story/china-s-industrial-profits-drop-further-271664244353?rss=1&siteid=rss China’s industrial profits continue to fall