## June 2026 Macro Agent Advisor

> Generated: 2026-07-24 17:08  ·  Sample filter: from 2023-01  ·  Scope: latest available public-API values

### Bottom line

Most high-frequency and monthly indicators improved versus the prior reading; near-term momentum looks steady.

### By sector

#### Sentiment

- **Official manufacturing PMI** at 50.30; rose from prior (50.00) by 0.30, in expansion territory.
- **Official non-manufacturing PMI** at 50.20; rose from prior (50.10) by 0.10, in expansion territory.

#### Consumption & employment

- **Retail sales YoY** at 1.0%; rose from prior (-0.6%) by 1.6 ppt

#### Investment

- **FAI YoY** at -15.6%; rose from prior (-17.1%) by 1.5 ppt
- **Manufacturing FAI cumulative YoY** at -1.2%; fell from prior (-0.4%) by 0.8 ppt

#### Real estate

- **Real estate investment cumulative YoY** at -18.0%; fell from prior (-16.2%) by 1.8 ppt; the property chain is still in negative growth.
- **Commodity housing sales area cumulative YoY** at -11.6%; fell from prior (-10.8%) by 0.8 ppt; the property chain is still in negative growth.

#### Supply

- **Industrial value-added YoY** at 5.3%; rose from prior (4.5%) by 0.8 ppt

#### Trade

- **Exports YoY** at 27.0%; rose from prior (19.3%) by 7.7 ppt
- **Imports YoY** at 36.0%; rose from prior (27.4%) by 8.6 ppt

#### Prices

- **CPI YoY** at 1.0%; down from prior (1.2%) by 0.2 ppt
- **PPI YoY** at 4.1%; up from prior (3.9%) by 0.2 ppt

#### Finance

- **M2 YoY** at 8.0%; down from prior (8.6%) by 0.6 ppt
- **New RMB loans MoM YoY** at -25.2%; fell from prior (-16.2%) by 9.0 ppt

#### Fiscal

- **Fiscal revenue MoM YoY** at 8.7%; rose from prior (6.6%) by 2.1 ppt

### Cross-checks

- PPI (4.1%) is not below CPI (1.0%); watch cost pass-through into final prices.
- Exports YoY 27.0%, imports YoY 36.0%; imports more resilient / external demand softer.
- Industrial value-added YoY 5.3%, manufacturing PMI 50.3; output and survey sentiment can cross-validate.

### Watch next month

- Prices: can CPI/PPI improve together, avoiding “stable volume, weak prices”?
- Property: do sales and investment cumulative YoY converge; do funding sources stabilise?
- Credit: social financing / loan mix (corporate vs household) and pass-through to the real economy.
- External demand: do exports YoY and shipping gauges (e.g. BDI) move together?

### Data snapshot

| Sector | Indicator | Latest | Prior | Change |
|---|---|---:|---:|---:|
| Consumption & employment | Retail sales YoY | 1.0% | -0.6% | +1.6pt |
| Investment | FAI YoY | -15.6% | -17.1% | +1.5pt |
| Investment | Manufacturing FAI cumulative YoY | -1.2% | -0.4% | -0.8pt |
| Real estate | Real estate investment cumulative YoY | -18.0% | -16.2% | -1.8pt |
| Real estate | Commodity housing sales area cumulative YoY | -11.6% | -10.8% | -0.8pt |
| Supply | Industrial value-added YoY | 5.3% | 4.5% | +0.8pt |
| Prices | CPI YoY | 1.0% | 1.2% | -0.2pt |
| Prices | PPI YoY | 4.1% | 3.9% | +0.2pt |
| Finance | M2 YoY | 8.0% | 8.6% | -0.6pt |
| Finance | New RMB loans MoM YoY | -25.2% | -16.2% | -9.0pt |
| Trade | Exports YoY | 27.0% | 19.3% | +7.7pt |
| Trade | Imports YoY | 36.0% | 27.4% | +8.6pt |
| Sentiment | Official manufacturing PMI | 50.30 | 50.00 | +0.30 |
| Sentiment | Official non-manufacturing PMI | 50.20 | 50.10 | +0.10 |
| Fiscal | Fiscal revenue MoM YoY | 8.7% | 6.6% | +2.1pt |

### Data notes

- Social financing increase: missing this month (latest obs  2026-04-01)

### Disclaimer

This page is auto-generated by **MeShare Agent** from public interfaces to aid reading the Data Dictionary / Charts Gallery. It **does not constitute investment advice**. Source revisions or release lags may briefly desync the brief from the latest prints; see the Data Dictionary for fetch details and definitions.