China’s economic recovery dragged down by property slump and weak consumption in July

BEIJING (AP) — A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released by the National Bureau of Statistics. Unemployment rose for the first time since February, clocking in at 5.2%, compared to 5% in June. Industrial production rose more slowly than the previous month, showing a 5.1% year-on-year increase in July, compared to 5.3% in June. Retail sales grew slightly more than analysts had expected, rising 2.7% year-on-year in July, compared to 2% in June. Statistics bureau spokesperson Liu Aihua said Thursday that the recovery in consumption will be further consolidated given recent government policies to boost consumer spending.