May 2026 Macro Agent Advisor
Generated: 2026-07-24 17:08 · Sample filter: from 2023-01 · Scope: latest available public-API values
Bottom line
Most indicators softened versus the prior reading; the repair slope has slowed—watch demand and prices together.
By sector
Sentiment
Official manufacturing PMI at 50.00; fell from prior (50.30) by 0.30, in expansion territory.
Official non-manufacturing PMI at 50.10; rose from prior (49.40) by 0.70, in expansion territory.
Consumption & employment
Retail sales YoY at -0.6%; fell from prior (0.2%) by 0.8 ppt
Investment
FAI YoY at -17.1%; fell from prior (-12.0%) by 5.1 ppt
Manufacturing FAI cumulative YoY at -0.4%; fell from prior (1.2%) by 1.6 ppt
Real estate
Real estate investment cumulative YoY at -16.2%; fell from prior (-13.7%) by 2.5 ppt; the property chain is still in negative growth.
Commodity housing sales area cumulative YoY at -10.8%; fell from prior (-10.2%) by 0.6 ppt; the property chain is still in negative growth.
Supply
Industrial value-added YoY at 4.5%; rose from prior (4.1%) by 0.4 ppt
Trade
Exports YoY at 19.3%; rose from prior (14.0%) by 5.3 ppt
Imports YoY at 27.4%; rose from prior (25.2%) by 2.2 ppt
Prices
CPI YoY at 1.2%; down from prior (1.2%) by 0.0 ppt
PPI YoY at 3.9%; up from prior (2.8%) by 1.1 ppt
Finance
M2 YoY at 8.6%; down from prior (8.6%) by 0.0 ppt
Social financing increase at 6245亿元; fell from prior (5.22万亿元) by 4.60万亿元
New RMB loans MoM YoY at -16.2%; rose from prior (-553.2%) by 537.0 ppt
Fiscal
Fiscal revenue MoM YoY at 6.6%; fell from prior (6.7%) by 0.1 ppt
Cross-checks
PPI (3.9%) is not below CPI (1.2%); watch cost pass-through into final prices.
Exports YoY 19.3%, imports YoY 27.4%; imports more resilient / external demand softer.
M2 YoY 8.6%, social financing 6245亿元; check whether credit growth matches the quantity signal.
Industrial value-added YoY 4.5%, manufacturing PMI 50.0; 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 | -0.6% | 0.2% | -0.8pt |
| Investment | FAI YoY | -17.1% | -12.0% | -5.1pt |
| Investment | Manufacturing FAI cumulative YoY | -0.4% | 1.2% | -1.6pt |
| Real estate | Real estate investment cumulative YoY | -16.2% | -13.7% | -2.5pt |
| Real estate | Commodity housing sales area cumulative YoY | -10.8% | -10.2% | -0.6pt |
| Supply | Industrial value-added YoY | 4.5% | 4.1% | +0.4pt |
| Prices | CPI YoY | 1.2% | 1.2% | +0.0pt |
| Prices | PPI YoY | 3.9% | 2.8% | +1.1pt |
| Finance | M2 YoY | 8.6% | 8.6% | +0.0pt |
| Finance | Social financing increase | 6245亿元 | 5.22万亿元 | -45995 |
| Finance | New RMB loans MoM YoY | -16.2% | -553.2% | +537.0pt |
| Trade | Exports YoY | 19.3% | 14.0% | +5.3pt |
| Trade | Imports YoY | 27.4% | 25.2% | +2.2pt |
| Sentiment | Official manufacturing PMI | 50.00 | 50.30 | -0.30 |
| Sentiment | Official non-manufacturing PMI | 50.10 | 49.40 | +0.70 |
| Fiscal | Fiscal revenue MoM YoY | 6.6% | 6.7% | -0.1pt |
Data notes
Social financing increase：使用 2026-04 观测作为近似
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.