王青：7月汽车销售额转负拖累消费 四季度初前后或推出增量政策 | 首席读数据

Core Insights - The latest data from the National Bureau of Statistics indicates that in July, the total retail sales of consumer goods reached 38,780 billion yuan, reflecting a year-on-year growth of 3.7% but a month-on-month decline of 0.14% [1] - From January to July, the total fixed asset investment (excluding rural households) amounted to 288,229 billion yuan, showing a year-on-year increase of 1.6%. When excluding real estate development investment, the growth rate of fixed asset investment was 5.3% [1] - Chief Macro Analyst Wang Qing from Dongfang Jincheng suggests that the economic growth momentum in August may continue to reflect the weaker state observed in July, indicating that new significant incremental measures in macro policy may be introduced around the beginning of the fourth quarter to stabilize the macroeconomic operation and employment market [1]