5月宏观经济数据点评：经济延续温和复苏，等待政策加快落地

Economic Overview - May industrial added value grew by 5.6%, below the expected 6% and previous month's 6.7%[31] - Fixed asset investment from January to May increased by 4.0%, slightly below the expected 4.2%[31] - Retail sales of consumer goods in May rose by 3.7%, lower than the expected 4.5% but improved from April's 2.3%[31] Production and Investment - Mining industry added value increased by 3.6%, manufacturing by 6.0%, and electricity, heat, gas, and water production by 4.3% in May[9] - Infrastructure investment continued to decline, with broad and narrow infrastructure investment growth at 6.7% and 5.7% respectively, down by 1.1 and 0.3 percentage points from previous values[12] - Manufacturing investment showed steady growth, with a 9.6% increase from January to May, supported by resilient exports and new equipment upgrade policies[44] Consumption Trends - Employment remained stable, with the urban survey unemployment rate at 5% in May, unchanged from April[11] - Consumer market showed signs of recovery, driven by the "May Day" holiday effect and promotional events like the "618" shopping festival[20] - Upgrading goods sales saw significant growth, with retail sales of sports and entertainment goods up by 20.2% and home appliances by 12.9% in May[20] Future Outlook - The economy is expected to continue its moderate recovery, with GDP projected to fall to around 5% in the second quarter[6] - The overall economic environment remains influenced by insufficient domestic demand and slow issuance of special bonds affecting infrastructure investment[6] - Future consumption growth may stabilize due to lower year-on-year bases and potential price increases in the second half of the year[29]