2025年4月宏观数据解读：4月经济：生产增势偏强，经济逆风飞扬

Economic Overview - In April, the industrial added value for large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations[2] - The service industry production index also showed positive growth, rising by 6.0% year-on-year in April[2] Consumer Spending - The total retail sales of consumer goods grew by 5.1% year-on-year in April, down from 5.9% in the previous month, indicating a slight slowdown in consumer spending[3] - Major categories like home appliances and cultural office supplies saw double-digit growth, contributing significantly to retail sales performance[3][20] Investment Trends - Fixed asset investment (excluding rural households) grew by 4.0% year-on-year from January to April, slightly below market expectations[4] - Infrastructure investment increased by 5.8%, while manufacturing investment rose by 8.8%, but real estate development investment fell by 10.3%[4] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.2 percentage points from the previous month, reflecting stable employment conditions[5] Policy Implications - The monetary policy is expected to remain accommodative, with potential for a 50 basis points reserve requirement ratio cut and a 20 basis points interest rate reduction[1] - The government is focusing on implementing more proactive fiscal policies to support economic recovery, particularly in infrastructure and manufacturing sectors[47]