China's economy misses growth forecasts, raising the odds of more support for its tepid recovery
China’s economic growth missed forecasts in the second quarter of the year amid a slowdown in consumer spending and weakening global demand HONG KONG -- China's economic growth missed forecasts in the second quarter of the year, adding to worries over surging youth unemployment and a weak property sector and raising the likelihood the government will double down on support for the faltering post COVID-19 recovery. The world's second largest economy grew at a 6.3% annual pace in the April-June quarter, much slower than the 7% plus growth analysts had forecast given the anemic pace of activity the year before. Unemployment of youths aged 16 to 24 rose to a record 21.3% in June, up from 20.8% the month before. Investment in property development, a vital driver of both industrial and consumer demand, sank 7.9% in the first half of the year compared to a year earlier in a troubling sign of persisting weakness in an industry that slowed even before the pandemic as the government ...