8月经济数据解读：政策易托难举

Demand Side Analysis - In August, exports rebounded, but domestic consumption and production declined, indicating a mixed economic outlook[1] - Investment improved slightly due to real estate and equipment upgrades, but manufacturing investment continued to decline, affected by extreme weather and low infrastructure investment, reaching a new low since 2022[1] - Social retail sales growth fell by 0.6 percentage points to 2.1% in August, with retail sales of limited above units declining by 0.6%[2] Supply Side Analysis - Industrial production weakened due to overall weak domestic demand and extreme weather conditions, with industrial added value growth falling to 4.5%, down 0.6 percentage points from the previous month[5] - High-tech manufacturing maintained rapid growth, with added value increasing by 8.6%, outperforming overall industrial growth by 4.1 percentage points[5] Investment Insights - Fixed asset investment growth slightly increased to 2% in August, with real estate investment improving to -10.2%[8] - Equipment investment from January to August grew by 16.8%, contributing 64.2% to total investment growth, an increase of 3.5 percentage points from July[2] Real Estate Market Trends - Real estate sales area growth recorded -12.6% in August, but the decline narrowed by 2.8 percentage points from July, indicating marginal recovery[10] - Construction area growth improved significantly, turning positive at 1.2%, while new construction area decline narrowed to -16.7%[10] Consumer Behavior - The consumption of essential goods increased to 4.3%, while discretionary goods saw a decline of -3.4%, indicating a divergence in consumer spending patterns[9] - The rural market continued to outperform urban areas in sales growth, supported by policies promoting consumption[2] Employment and Economic Stability - The urban survey unemployment rate in August was 5.3%, slightly up by 0.1 percentage points from the previous month, reflecting stable employment conditions amid economic fluctuations[11]