7月经济数据点评：经济有所放缓，生产仍具韧性

Economic Performance - In July, China's industrial added value increased by 5.7% year-on-year, down from 6.8% in the previous month and below the expected 5.8%[4] - The retail sales of consumer goods grew by 3.7% year-on-year in July, a decline from 4.8% in June and below the forecast of 4.9%[4] - Fixed asset investment (excluding rural households) rose by 1.6% year-on-year from January to July, lower than the expected 2.7% and the previous value of 2.8%[4] - The urban surveyed unemployment rate in July was 5.2%, up from 5.0% in June[4] Industrial and Investment Trends - The manufacturing sector's investment saw a significant decline, with a monthly year-on-year decrease of -0.3% in July, down 5.4 percentage points from the previous value[23] - Infrastructure investment also turned negative, with a monthly year-on-year decline of -5.1% in July, significantly lower than the previous month's performance[27] - The real estate development investment fell sharply, with a monthly year-on-year decrease exceeding four percentage points compared to the previous month[31] Consumer Behavior and Market Dynamics - The service retail sector showed resilience, with strong growth in categories like home appliances and cultural products, despite overall retail sales weakening[18] - The consumer confidence and spending power remain low, necessitating further policy measures to stimulate consumption[14] - Seasonal factors contributed to a slight increase in the unemployment rate, with the influx of new graduates into the job market exacerbating the supply-demand mismatch[33]