China industrial output up 6.5% in September, unemployment dip at 5.2%

China's economy showed mixed signals in September, with strong industrial growth, softer retail sales, and a slight drop in unemployment, according to data released Monday by the National Bureau of Statistics of China.

China’s gross domestic product grew 5.2% in the first three quarters, with third quarter growth easing to 4.8% from 5.2% in the second quarter, matching the consensus forecast cited by FXstreet.

Industrial production rose 6.5% year-on-year in September, higher than the 5.2% increase in August and above the 5% forecast.

By sector, mining output rose 5.8% year-on-year, while manufacturing expanded 6.8%. Production of electricity, heat power, gas and water grew 2.0%.

Retail sales of consumer goods increased 3.0% year-on-year in September, easing from August's 3.4% but slightly above the 2.9% forecast.

China's urban surveyed unemployment rate was at 5.2% in September, down from 5.3% in August.

Stephen Innes, managing partner at SPI Asset Management, commented: "The duality of China's economy — factories pulsing while retail stumbles — is its defining paradox. It's like watching one side of the economy swim against the current while the other is tied to a stone. Industrial data remain resilient, powered by state orders, green tech, and export demand, but that's a treadmill economy: it moves, but it doesn't advance."