Chinese industrial firms saw earnings slow for the fifth month in row in July, providing further evidence of a loss of momentum in the world’s second-biggest economy, reports the South China Morning Post.
Data from the National Bureau of Statistics (NBS), reported by the SCMP, showed elevated raw material prices and supply chain constraints from extreme weather as well as sporadic coronavirus cases dragged on earnings in the manufacturing sector.
Industrial firms’ profits in July increased 16.4% on an annual basis–the slowest rate this year–to RMB 703.67 billion ($108.5 billion), the NBS said. That compared to a 20% gain in June.