China's unemployment rate edges up to 5.3% in August

China's industrial production and retail sales growth eased in August, while unemployment edged up, the National Bureau of Statistics of China reported Monday.

Industrial production rose 5.2% year-on-year in August, easing from a 5.7% increase in July and below the 5.8% consensus forecast cited by FXstreet.

By sector, the value added of mining grew 5.1% year-on-year, and manufacturing rose 5.7%. Meanwhile, the production of electricity, heat power, gas and water increased 2.4%.

The NBS data also showed that retail sales climbed 3.4% year-on-year in August, slowing from a 3.7% increase in July and missing the 3.8% forecast.

The urban surveyed unemployment rate in China edged up to 5.3% in August from 5.2% in the preceding month, which NBS attributed to seasonality.

Stephen Innes, managing partner at SPI Asset Management, commented: "The Chinese economy is moving more like a stalled growth engine than even an old handcar trolley — each pump eventually produces less forward motion...What should be the engine pulling the Asia and global train now looks more like a machine stuck in low gear, unable to build the momentum to climb the next hill."