宏观周报：16-24岁劳动力失业率创年内新高

Labor Market - The unemployment rate for the 16-24 age group (excluding students) reached 18.8% in August, a 1.7 percentage point increase from the previous month, marking the highest level this year[6] - The unemployment rate for the 25-29 age group (excluding students) rose to 6.9%, up 0.4 percentage points from the previous month[6] - The overall urban surveyed unemployment rate increased to 5.3% in August, up 0.1 percentage points from July[6] Industrial Production - Industrial added value for large-scale industries grew by 4.5% year-on-year in August, with a month-on-month increase of 0.32%[6] - From January to August, industrial added value increased by 5.8% year-on-year, with manufacturing growing by 4.3% and electricity, heat, gas, and water production and supply growing by 6.8%[6] - Among 41 major industries, 32 saw year-on-year growth in added value, with notable growth in industries like railway, shipbuilding, aerospace (12.0%) and computer, communication, and electronic equipment manufacturing (11.3%)[6] Real Estate and Investment - National real estate development investment from January to August fell by 10.2% year-on-year, with residential investment dropping by 10.5%[6] - New housing starts decreased by 22.5% year-on-year, with residential new starts down by 23.0%[6] - Sales of new commercial housing fell by 18.0% year-on-year, with residential sales down by 20.4%[6] Consumer Spending - Total retail sales of consumer goods in August reached 3.87 trillion yuan, a year-on-year increase of 2.1%, with catering revenue growing by 3.3%[6] - From January to August, total retail sales of consumer goods grew by 3.4% year-on-year, with non-automotive retail sales up by 3.9%[6] GDP and Sector Contributions - GDP growth in Q2 2024 was 4.7% year-on-year, with manufacturing contributing 39.14% to GDP growth[7][9] - The information transmission, software, and IT services sector grew by 10.2% year-on-year, contributing 11.59% to GDP growth[9] - The real estate sector contracted by 4.6% year-on-year, negatively impacting GDP growth by 6.55%[9]