China Consumption, Investment Slows Unexpectedly; Industrial Output Shines

China's consumption and investment slowed unexpectedly in April, while industrial output beat expectations as Beijing doubled down on its manufacturing drive to spur growth amid a prolonged property slump and growing trade tensions with the West.

Retail sales, a major gauge of consumption, increased 2.3% in April from a year earlier, down from the 3.1% growth recorded in March and the 4.0% rise expected by economists surveyed by The Wall Street Journal.

China's fixed-asset investment rose 4.2% on the year in January-April, lower than the 4.7% expected by economists and the 4.5% increase recorded in the first quarter.

April's industrial output grew 6.7% on the year, up from a 4.5% increase in March, the National Bureau of Statistics said Friday. That was higher than the 5.5% growth expected by economists polled by The Wall Street Journal.

The mixed figures come as China's increased efforts to shore up the economy spark tentative optimism that the recovery is on firming up. Green shoots have appeared in other data such as exports but concerns remain about continued weakness in areas like consumer demand and the property sector.

China's surveyed unemployment rate in urban areas stood at 5.0% in April, lower than the 5.2% rate seen in March and from a year ago, the statistics bureau said.

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