受内需不足影响11月经济有所回落

Economic Performance - In November, industrial added value grew by 5.4% year-on-year, a slight increase of 0.1 percentage points from October[2] - The retail sales of consumer goods nominally increased by 3.0% year-on-year in November, a significant drop of 1.8 percentage points from September[2] - Fixed asset investment cumulative year-on-year growth was 3.3% from January to November, down 0.1 percentage points from the previous month[5] Trade and External Demand - From January to November, exports increased by 5.4% year-on-year, while imports grew by only 1.2%, indicating stronger external demand[10] - The trade surplus for January to November reached $884.7 billion, surpassing the total for the previous year of$882.1 billion[10] - In November, the export growth rate was 6.7%, a decrease of 6 percentage points from October, while imports fell by 3.9%[6] Consumer Prices and Inflation - The Consumer Price Index (CPI) in November decreased by 0.6% month-on-month, with food prices dropping by 2.7%[3] - Year-on-year, food prices rose by 1.0% in November, down 1.9 percentage points from October, while non-food prices remained flat at 0.0%[3] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1% in November, indicating slight inflationary pressure[23] Employment and Consumer Confidence - The urban unemployment rate in November was stable at 5.0%, with youth unemployment remaining high at 17.1% for ages 16-24[29] - The consumer confidence index was recorded at 86.9 in October, reflecting a slight recovery but still significantly lower than the 121.5 level in January 2022[29] Real Estate Market - Real estate investment saw a year-on-year decline of 10.4% from January to November, with new construction down by 23%[30] - In November, housing sales showed signs of improvement, with a year-on-year increase of 19.8% in transaction volume compared to the previous year[31] - The real estate price index for new homes in November was down 6.1% year-on-year, but showed a slight recovery of 0.1 percentage points from October[34]