China: General thrust of the data is constructive - BBH

According to the analysts at BBH, the main economic news today comes from China and the general thrust of the data is constructive which suggests that the world's second-largest economy is off to a firm start in 2017.  

Key Quotes

“Due to the Lunar New Year distortions, China reports January-February data combined.  Industrial output rose 6.3% year-over-year.  This was a little better sequentially and slightly above expectations.  Fixed investment rose 8.9%, which is also an improvement from the last report and above expectations.”

“To the extent there was the disappointment, it came from retail sales.  The 9.5% increase is the first sub-10% reading since 2003.  The incredible year-over-year growth in retail sales has been slowing gradually for several years.  Recall the 12-month average year-over-year rate peaked in 2008 near 21.4%.  It is now at 10.2%.”