10月经济数据点评：回升向好态势进一步巩固

Economic Growth Indicators - China's industrial added value in October increased by 5.3% year-on-year, slightly below the expected 5.6% and down from the previous value of 5.4%[4] - The total retail sales of consumer goods in October rose by 4.8% year-on-year, exceeding the expected 3.8% and up from 3.2% in the previous month[4] - Fixed asset investment from January to October grew by 3.4% year-on-year, matching the previous value and slightly below the expected 3.5%[4] Employment and Unemployment - The urban surveyed unemployment rate in October was 5.0%, down from 5.1% in the previous month[4] - The unemployment rate for local registered labor was 5.1%, while for migrant workers it was 4.8%, unchanged from the previous value[34] Consumer Spending and Retail Performance - The retail sales growth was driven by multiple favorable factors, including holiday promotions and e-commerce activities, with durable goods showing significant sales increases[11] - The "old-for-new" consumption policy significantly boosted sales in automobiles and home appliances, contributing 1.2 percentage points to the retail sales growth[15] Investment Trends - Infrastructure and manufacturing investments showed notable growth, with manufacturing investment in October increasing by 10.0% year-on-year, up from 9.7% previously[23] - Narrowly defined infrastructure investment in October rose by 5.8% year-on-year, a significant increase from 2.2% in the previous month[27] Real Estate Market - Real estate development investment in October decreased by 12.3% year-on-year, widening from a previous decline of 9.3%[31] - Despite a slight recovery in real estate sales, the investment side remains under pressure, with new construction area declines continuing[31]