China's April economic data underwhelms, with retail sales growth slowing to lowest since 2022

SHENZHEN, CHINA - MAY 1: The Chinese national flag is seen in front of stacked shipping containers bearing MSC (Mediterranean Shipping Company), Maersk, and Hamburg Süd branding at Yantian Port on May 1, 2026, in Shenzhen, Guangdong Province, China. China's economy stumbled in April with consumption, industrial output and investment growth missing expectations as the fallout from the Iran war dampened momentum in the world's second-largest economy. Retail sales, a gauge of consumption, grew 0.2% last month from a year ago, sharply missing economists' forecast for a 2% rise and slowing from 1.7% in March, according to data released by the National Bureau of Statistics on Monday. That marked the weakest level since December 2022. China's industrial output jumped 4.1% in April from a year earlier, decelerating from 5.7% growth in March, and undershooting expectations for a 5.9% rise in a Reuters poll. Urban fixed asset investment, including real estate and infrastructure, contracted 1.6% in the first four months this year, compared with a year earlier, compared with expectations for 1.6% growth. In the January to March period, urban investment had expanded 1.7% from a year earlier. Urban unemployment rate edged lower to 5.2%, from 5.4% in March. During a high-profile state visit by U.S. President Donald Trump last week, China agreed to purchasing at least $17 billion of American agricultural products in 2026 and the next two years, as well as an initial 200 jets from Boeing, according to a White House factsheet released Sunday.