Posted by on March 14, 2017 1:11 am
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Categories: Adjustment Anytime Business China economic policy Economy Fiscal policy Keynesian economics Stimulus Structure

With its credit impulse wearing off (and inflation spikes stalling any hopes of renewed stimulus anytime soon), it appears China’s always-happy consumer is not so happy as 2017 begins.

Against expectations of a 10.6% year-over-year gain in year-to-date cumulative retail sales, February saw just a 9.5% rise – the weakest February since 2002.

Presumably there is some lunar-new-year adjustment that will rescue this terrible print from its 15 year lows but we note once again that every one of the 37 analysts over-estimated (or forgot to read the calendar).

This was a 4 standard deviation miss…

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