The National Bureau of Statistics released a barrage of other data on Monday that pointed to faster expansion at the tail end of the second quarter. Retail sales, which measure private and government spending, rose 11% annually last month. That was a notable improvement from May’s 10.7% growth rate. Industrial production, the broadest measure of factory output, expanded 7.6% in the 12 months through June. That was well above the previous month’s 6.5% growth pace. Meanwhile, annual fixed-asset investment – a proxy for long-term spending – 8.6% in the six months through June.
In the US session Empire State Manufacturing Index data was published. Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey. The headline general business conditions index fell ten points to 9.8. The new orders index moved down to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments continued to grow, though at a somewhat slower pace than in June. Delivery times continued to lengthen, and inventory levels were fairly steady.
From Australia, tomorrow, Monetary Policy Meeting Minutes will be published. There will be no major data releases in the US part of the session.
Figures to watch:
Monetary Policy Meeting Minutes (Tuesday 3:30)
