Economic Growth - Morocco's economy is projected to grow by 3.8% in 2024, slightly higher than the 3.7% growth in 2023, driven mainly by domestic demand while facing inflation and increased financing needs [1] - The GDP growth at current prices is expected to be 7.9% in 2024, down from 11% in 2023, indicating a reduction in inflationary pressures [1] Sector Performance - The primary sector is underperforming, with an overall value added decline of 4.5%, agricultural output shrinking by 4.8%, and fisheries growth slowing from 6.9% in 2023 to 2.6% in 2024 [1] - The secondary sector shows strong growth, with value added increasing by 4.2% in 2024 compared to only 0.8% in 2023, driven by mining (+13%), construction (+5%), manufacturing (+3.3%), and utilities (+2.6%) [1] - The tertiary sector remains active but experiences a slight slowdown, with growth rates decreasing from 5% in 2023 to 4.6% in 2024, although sectors like transportation and storage (+7.4%) and financial services (+7.3%) are accelerating [1] Income and Savings - National disposable income is expected to grow by 7.7% in 2024, down from 10.2% in 2023, while the national savings rate rises to 28.9% of GDP, compared to 28% in 2023 [2] - The investment rate is projected to be 30.1% of GDP in 2024, up from 29% in 2023, leading to an increase in the financing gap from 1% of GDP to 1.2% [2]

Core Viewpoint - The manufacturing PMI in May shows signs of recovery, indicating the effectiveness of proactive macro policies, while the non-manufacturing sector continues to expand, laying a solid foundation for economic recovery [1][3][9]. Manufacturing Sector - The manufacturing PMI for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, while the comprehensive PMI output index is at 50.4%, up by 0.2 percentage points [1]. - Key sub-indices such as production, new orders, and procurement have shown improvement, with increases ranging from 0.2 to 3.7 percentage points [3]. - High-tech manufacturing PMI remains in the expansion zone at 50.9%, marking four consecutive months of growth [2][3]. Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.3%, maintaining above the expansion threshold for five consecutive months [9]. - Significant growth in new orders and export orders in the equipment manufacturing and high-tech sectors, with new export orders rising over 5 and 3 percentage points respectively [4][10]. Price Indices - The purchasing price index for manufacturing is at 46.9%, and the factory price index is at 44.7%, both showing a slight decrease but with a narrowing decline compared to the previous month [6]. - The overall market price decline has slowed, indicating a potential stabilization in demand and production [6]. Employment and Investment - Production investment is showing signs of recovery, contributing to an improving employment situation [7]. - The focus is on activating the domestic market and achieving the goal of expanding domestic demand to support economic circulation [7]. Economic Outlook - The overall economic operation shows a foundation for continued recovery, supported by stable non-manufacturing activities and positive performance in investment, consumption, and exports [8][10].

Core Viewpoint - The article discusses the new trends in employment and wage data for urban employees in 2024, highlighting shifts from high salary pursuits to a focus on reducing work intensity and improving hourly wages across various sectors [1]. Group 1: Employment Trends - Trend 1: Employment is shifting from "pursuing high salaries" to "anti-involution," with a notable decrease in average wage growth for urban non-private sector employees, which has dropped to 2.8% in 2024, down 6.8 percentage points since 2021 [2][9]. - The transportation, leather, and clothing industries have shown resilience in wage growth, with transportation revenue growth exceeding 8% in 2024, while the average wage in the non-private sector is 124,000 yuan [2][9]. - Employment is increasingly moving towards sectors with shorter working hours and higher hourly wages, such as healthcare, where weekly working hours decreased by 1.5 hours and hourly wages increased by 9.3 yuan from 2021 to 2023 [2][32]. Group 2: Regional Wage Convergence and Employment Consumption - Trend 2: There is a convergence in wage growth between eastern and western regions, with the wage growth rate in eastern urban non-private sectors at 7.5% from 2019 to 2023, compared to 7.1% in the western regions, narrowing the gap from 0.8 percentage points in 2019 to 0.5 percentage points in 2024 [4][52][53]. - Employment in the service sector is increasingly migrating towards the western regions, driven by stronger wage growth resilience in these areas, particularly in hospitality and retail sectors [4][75]. - The shift in consumer behavior from local to cross-province consumption is further concentrating employment in the service sector in the western regions, with significant growth in consumer spending in these areas [5][80]. Group 3: Wage Growth in Private and Flexible Employment - Trend 3: Some private and flexible employment sectors are experiencing wage increases, particularly in the service industry, where private sector wage growth is higher than in non-private sectors, with education and retail showing increases of 8.9% and 5.3% respectively [6][96]. - The average wage growth for private sector employees has decreased to 1.7%, while flexible employment, particularly in new roles like ride-hailing drivers and delivery personnel, has seen a rise in average monthly income to 10,506 yuan, significantly higher than traditional employment [7][114]. - New flexible employment roles are characterized by higher pay but also increased work intensity, with platform-based workers averaging 54.3 hours per week, compared to traditional workers [7][122].

Group 1: Labor Flow - In 2024, the total number of migrant workers reached 300 million, accounting for 41% of total employment in China[4] - The net inflow of migrant workers to the eastern region decreased by approximately 4.5 million compared to 2019, indicating a slowdown in labor flow[4] - The net inflow of migrant workers in 2024 was concentrated in the eastern region, with 4.83 million, a year-on-year increase of 410,000[4] Group 2: Employment Trends - In 2024, employment in the construction industry decreased by 2.96 million, while manufacturing and retail sectors saw increases of 1.8 million and 1.49 million, respectively[5] - The construction industry accounted for 14.3% of total migrant worker employment, while manufacturing and retail accounted for 27.9% and 13.6% respectively[5] - Overall, migrant workers are shifting from construction to manufacturing and the tertiary sector[5] Group 3: Wage Dynamics - The average disposable income for migrant workers in 2024 was 4,961 yuan, a year-on-year increase of 3.8%, but still 1.5 percentage points lower than the national average[6] - Wage growth varied significantly by industry, with construction wages increasing by 4.6%, while service sectors like transportation and repair saw lower growth rates of 1.5% and 3% respectively[6] - The construction industry is categorized as "shrinking but maintaining price," with a job growth rate of -6.9% but a wage increase of 2.2 percentage points[6] Group 4: Consumption Patterns - Migrant workers' consumption has shifted from goods to services, with significant growth in education, housing, and entertainment expenditures[9] - The enrollment rate for migrant workers' children aged 3-5 in 2024 was 94.5%, up from 90.9% in 2023, indicating increased spending on education[9] - The average living space for migrant workers increased to 24.7 square meters per person, reflecting a rise in housing expenditure despite a slight decline in rental prices[9] Group 5: Economic Perception - The GDP growth rate from the perspective of migrant workers was consistently higher than the official GDP growth from 2020 to 2024, indicating a K-shaped recovery in consumption[10] - By the first quarter of 2025, the GDP growth rates for migrant workers and the official GDP were nearly aligned at 5.47% and 5.40% respectively, suggesting a convergence of economic experiences[10] - The future opportunities for consumption will largely depend on policy direction, as previous recovery patterns appear to have ended[10]

Group 1 - The total number of migrant workers in China for 2024 is 29.973 million, an increase of 2.2 million from the previous year, representing a year-on-year growth of 0.7% [1] - The number of local migrant workers is 12.102 million, with an increase of 70,000, while the number of outbound migrant workers is 17.871 million, increasing by 213,000, which is a growth of 1.2% [1] - The average age of migrant workers is 43.2 years, which is an increase of 0.1 years from the previous year [1] Group 2 - The average monthly income of migrant workers is 4,961 yuan, an increase of 181 yuan, reflecting a growth of 3.8% [1] - The income of migrant workers in the construction industry is the highest at 5,743 yuan, with a year-on-year growth of 4.6% [2] - The income for migrant workers in manufacturing and wholesale/retail sectors is 4,978 yuan and 4,362 yuan respectively, both showing growth rates exceeding 4% [2] Group 3 - The number of migrant workers engaged in the tertiary industry is 54.6%, an increase of 0.8 percentage points from the previous year [1] - The living conditions of migrant workers have improved, with an average living space of 24.7 square meters, an increase of 0.7 square meters from the previous year [2]