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At the same time, the unemployment rate in July was 5.3% in the national urban survey and 5.2% in 31 large cities and towns survey. The two cities increased by 0.2 percentage points compared with last month.
Detailed data for July:
- Industrial value added rose 4.8% year-on-year (the median in Reuters'survey was 5.8%).
- Total retail sales of consumer goods rose 7.6% year-on-year (the median in the Reuters survey was 8.6%).
- Fixed asset investment rose 5.7% year-on-year from January to July (Reuters median 5.8%) and private investment increased 5.4%.
From January to July, investment in real estate development increased by 10.6% year-on-year.
- The unemployment rate in the national urban survey was 5.3% (5.1% last month).
- The unemployment rate in 31 major cities and towns was 5.2% (5% last month).
The following is a summary of the analyst's comments:
Wang Jun, Chief Economist of Central Plains Bank:
Indeed, it is worse. It also proves why social finance has fallen so fast from another point of view. Behind the credit contraction, it reflects the insufficient effective demand of the real economy. Of course, there are seasonal factors in the decline of social finance.
The current economic adjustment can be said to be a process, internal restructuring, external facing high uncertainty, demand by the impact of drastic internal and external adjustments, is now the darkest moment before dawn. For the rest of the year, the third quarter is expected to be the most difficult quarter, and the fourth quarter should stop this trend, at least not worse than the third quarter. In addition, the difference in the third quarter is also expected, because the first quarter is the result of impulsive stimulation, there must be a decline in the follow-up.


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