10月经济数据点评：消费的进一步提升空间在哪？

Economic Growth - The GDP growth rate for Q4 is expected to be between 5.0% and 5.3%, driven by finance, real estate, retail, and industry[2] - In October, industrial growth was slightly below expectations due to the power sector, but other sectors showed strong performance[2] Policy Impact - Economic improvements are primarily driven by policy measures, including real estate sales and prices stabilizing, increased fiscal spending, and a significant rebound in durable goods growth[2] Consumer Spending - Retail sales growth in October reached 4.8%, influenced by subsidies and early Double Eleven promotions, but spending in lower-tier categories and dining remained stagnant[2] - The growth rate for retail sales above the limit was 6.8% in October, significantly higher than the 3.7% in 2019[2] Employment Trends - The urban unemployment rate in October was 5.0%, a slight decrease from the previous month, while the unemployment rate for migrant workers was 4.7%, higher than last year[23] Real Estate Market - Real estate investment growth in October was -12.3%, indicating continued weakness, despite a slight improvement in sales area, which was -1.6% compared to -11.0% in September[22] - The housing price index showed a slight recovery, with second-hand home prices in 70 major cities improving to -8.9% year-on-year from -9.0%[22] Industrial Production - The industrial value-added growth rate in October was 5.3%, with a production index for the service sector at 6.3%[22] - The production and sales rate for industrial enterprises improved, indicating a recovery in industrial activity[37] Investment Stability - Fixed asset investment growth remained stable at 3.4% in October, with manufacturing investment growing at 9.3%[45]