Tuesday, 15 October 2013

Power consumption suggests Chinese IP decent in September

The power consumption data released by the NEA has come out ahead of the the industrial activity data and does serve as a good proxy for what is going on.

Yearly growth rates were a bit lower in September, with total power consumption at 10.4%YoY and the industrial sector at 8.8%YoY.

This is a bit lower than August, although still suggests industrial activity is travelling at a decent clip.  It also gels with the somewhat weaker PMIs, although doesn't suggest activity is as close to stagnation and those data