China’s official first quarter GDP data reported surprising strength. Unsurprisingly, this surprise will make the official 2024 growth target easier to achieve. March economic data was less supportive, with weakness evident in production and retail sales figures. The industrial data may reflect the ongoing pivot away from goods by global consumers. Amidst the general hedonism of yesterday’s US retail sales data, the trend away from spending on durables and in favor of spending on services was evident.
