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In July China’s industrial output climbed by 4.8% year over year, Beijing announced today. That’s the same rate as in June.

This good news in that it shows the post-coronavirus recovery continues in the industrial sector.

But it’s bad news in that growth isn’t accelerating and the recovery remains slow.

As if to put an exclamation point on that, overall retail sales in July fell 1.1% year over year. Economists had projected a 0.1% pick up in retail sales.

In other Friday news from China the People’s Bank of China added the most in short-term funding into the financial system since May, in a move to reduce risks of a cash squeeze amid large government bond issuance.