Global Economic Analysis and News of Note
- China’s economy continued to soften in the third quarter of 2015. The Chinese government announced last week that the nation’s gross domestic product increased at a 6.9 percent rate in the third quarter, a figure that was down from a seven percent growth rate in the second quarter and was the worst showing in more than six years. Retail sales, which increased 10.9 percent, were one bright spot in the economy, but trade and manufacturing data continued to disappoint. The New York Times noted, “China is struggling with an industrial slump that in recent months has appeared to be worse than the country’s leaders had anticipated. The country’s traditional growth drivers – manufacturing and housing construction – have recently become among the biggest drags on its economy.” Industrial production rose 5.7 percent in the third quarter, its slowest rate since 2009.