Raft of May data points to signs of economic recovery
Industrial output perks up, but consumption still weak
Jobless rate in big cities picked up to record high
Fears of more COVID curbs, slow recovery raise policy challenge
BEIJING, June 15 Reuters China39;s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs.
The data, however, provides a path to revitalise growth in the world39;s secondbiggest economy after businesses and consumers were hit hard due to full or partial lockdowns in dozens of cities in March and April, including a protracted shutdown in commercial centre Shanghai.
Industrial output grew 0.7 in May from a year earlier, after falling 2.9 in April, data from the National Bureau of Statistics NBS showed on Wednesday. That compared with a 0.7 drop expected by analysts in a Reuters poll.
The uptick in the industrial sector was underpinned by the easing of COVID curbs and strong global demand. China39;s exports grew at a doubledigit pace in May, shattering expectations, as factories restarted and logistics snags eased.
The mining sector led the way with annual output up 7.0 in May, while that in the manufacturing industry eked out a meagre 0.1 growth, mostly driven by the production of new energy vehicles which surged 108.3 yearonyear.
Activity data paints an…