China Industrial Profits Rise for Third Month But Full Recovery Still Distant
• China's industrial profits rose 2.7% year-on-year in October, extending gains for a third straight month. This adds to signs of a stabilizing economy after stronger industrial and consumption data.
• For January-October 2022, industrial profits fell 7.8% from a year earlier, narrowing from a 9% drop in the first 9 months.
• An economist said the volatility in profits shows firms remain sensitive to input costs, as a rebound in energy prices drove the profit growth slowdown.
• China's industrial output grew 4.6% in October versus a year earlier. But analysts say a full recovery still has some way to go despite faster Q3 GDP growth.
• Breakdown State firms saw a 9.9% profit decline in January-October. Foreign firms were down 10.2%. Private firms fell 1.9%.