2024年8月经济数据点评：投资、消费均偏弱，政策效应加快释放

Group 1: Economic Performance - National industrial added value grew by 5.8% year-on-year from January to August 2024, a decline of 0.1 percentage points compared to the previous month, marking four consecutive months of decline[1] - In August, the industrial added value increased by 4.5% year-on-year, down 1 percentage point from July, influenced by extreme weather and weak downstream demand[2] - Fixed asset investment (excluding rural households) increased by 3.4% year-on-year from January to August, with a 0.2 percentage point decline compared to the previous month[4] Group 2: Sector-Specific Insights - Manufacturing investment grew by 9.1% year-on-year from January to August, slowing down by 0.2 percentage points compared to the previous month[9] - Real estate development investment decreased by 10.2% year-on-year from January to August, with the decline stabilizing compared to the previous month[6] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 4.4% year-on-year, down 0.5 percentage points from the previous month[5] Group 3: Consumer Trends - Total retail sales of consumer goods reached 312,452 billion yuan, growing by 3.4% year-on-year, with a slight decline of 0.1 percentage points compared to the previous month[12] - In August, retail sales of consumer goods totaled 38,726 billion yuan, reflecting a year-on-year growth of 2.1%, down 0.6 percentage points from July[13] - The retail sales of automobiles saw a year-on-year decline of 7.3%, with the overall consumer sentiment remaining weak[13]