Trade war with US takes a chunk out of China's economy

The ongoing trade war is taking a toll on Chinese production, services and jobs.

The latest data out of China shows a weakening economy.

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Growth in Chinese industrial production slowed sharply in October. Growth of 4.7 percent year-over-year missed forecasts of 5.4 percent, according to Reuters.

Retail sales rose 7.2 percent in October, also falling short of an expected 7.9 percent.

Weakness in global and domestic demand in addition to the drawn-out trade war with the U.S. weighed on the economy.

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Increases in U.S. tariffs are starting to take a toll in the areas of logistics, shipping, transport and storage firms.

Annual services output growth of 7.2 percent in the third quarter was near the weakest level since the global financial crisis.

China's urban jobless rate climbed to 5.1 percent in October from 4.9 percent in April 2018, when the United States and China began imposing tit-for-tat import tariffs.

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Economic growth in China slowed to a near 30-year low of 6 percent in the third quarter, and analysts don't expect an interim trade deal to brighten the outlook.

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