Weekend data: China's industrial profits fell 6.7% m/m in July, y/y down 7 months in a row

<p>Profits at China's industrial firms fell 6.7% y/y</p><ul><li>prior -8.3%</li><li>down 15.5% y/y for the YTD (January – July), following a 16.8% fall from January – June</li><li>State-owned enterprises earnings -20.3% in the first seven months</li><li>private-sector companies -10.7% ytd</li><li>profits fell for 28 of 41 major industrial sectors ytd</li></ul><p>From China's National Bureau of Statistics (NBS):</p><ul><li>"Commodity prices are running low, the pressure on raw material costs in the midstream and downstream industries has eased. Unit cost of industrial enterprises has improved overall," </li><li>unit costs in July posted the first year-on-year decrease since the beginning of this year</li></ul><p>—</p><p>Further dour news on how China's economy has faltered since exiting 'COVID zero'. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.