A worker operates a computer numerical control machine at Harbin Turbine Company Limited of Harbin Electric Corporation in Harbin, capital of northeast China's Heilongjiang province, April 10, 2023. (PHOTO / XINHUA)

BEIJING - China's value-added industrial output, an important economic indicator, went up 3.5 percent year-on-year in May, data from the National Bureau of Statistics (NBS) showed Thursday.

The growth rate was 2.1 percentage points lower than that of April.

China's industrial production overcame the adverse factors of weak market demand and falling prices, and maintained the recovery momentum in May, NBS spokesperson Fu Linghui told a press conference.

A breakdown of the figure by industries showed that the manufacturing sector's output increased by 4.1 percent year-on-year during the period, while the production and supply of electricity, heat, gas and water rose 4.8 percent.

By ownership, state-controlled enterprises saw an increase of 4.4 percent in output, while the private sector's output grew by 0.7 percent, according to the NBS.

In terms of product types, the production of solar cells and new energy vehicles surged 53.1 percent and 43.6 percent year-on-year, respectively.

The country's industrial output rose 3.6 percent year-on-year from January to May.

The industrial output is used to measure the activity of large enterprises each with an annual main business turnover of at least 20 million yuan (about $2.8 million).

China's retail sales of consumer goods, a major indicator of the country's consumption strength, surged 12.7 percent year-on-year in May, according to the NBS

Fixed-asset investment up 4%

Thursday's data also showed that China's fixed-asset investment went up 4 percent year-on-year in the first five months of the year.

The country's fixed-asset investment totaled 18.88 trillion yuan (about $2.64 trillion) from January to May, according to the bureau.

In May, the country's fixed-asset investment rose 0.11 percent from the previous month, the data revealed.

ALSO READ: China's GDP expands 4.5% year-on-year in Q1

During the first five months of the year, fixed-asset investment from the private sector stood at 10.19 trillion yuan, edging down 0.1 percent from the same period last year.

Industrial investment surged 8.8 percent year-on-year. Specifically, investment in the manufacturing sector climbed 6 percent, and that in the mining industry went up 1.5 percent. Investment in the sector of electricity, heating, gas, and water production and supply surged 27.6 percent.

Investment in infrastructure construction rose 7.5 percent year-on-year in the same period. Of the total, investment jumped 16.4 percent in railway transportation and 11.5 percent in water conservancy management.

Retail sales surge 12.7%

China's retail sales of consumer goods, a major indicator of the country's consumption strength, surged 12.7 percent year-on-year in May, according to the NBS.

ALSO READ: China's consumer inflation up 0.2% in May

In the January-May period, the country's retail sales of consumer goods increased 9.3 percent year-on-year.

It totaled 18.76 trillion yuan (about $2.62 trillion) in the first five months of 2023.

Urban unemployment rate stable

Regarding the job market, the bureau's data indicated that the country's surveyed urban unemployment rate stood at 5.2 percent in May this year, unchanged from the April level.

The rate among those aged between 25 and 59, the majority of the labor market, declined to 4.1 percent last month from 4.2 percent in April, according to the NBS.

China's service sector witnessed a robust recovery momentum in May, as economic activities are normalizing, an official said on Thursday

The surveyed unemployment rate in 31 major cities came in at 5.5 percent in May, also unchanged from the previous month, the data showed.

The surveyed urban unemployment rate is calculated based on the number of unemployed people who have participated in the employment survey in urban areas, including migrant workers in cities.

Home prices see slower growth 

Official data also showed that the country's housing market reported narrowed growth last month.

In May, 46 out of 70 large and medium-sized cities saw month-on-month increases in new home prices, down from 62 in April, according to the NBS.

Strong recovery in service sector

China's service sector witnessed a robust recovery momentum in May, as economic activities are normalizing, an official said on Thursday.

The index gauging the country's service industry output rose 11.7 percent year on year in May.

ALSO READ: China to introduce stronger measures for foreign investment

Contact-based service sector witnessed fast recovery, with the sub-index for accommodation and catering surging by 39.5 percent year-on-year.

The sub-index tracking the output of the leasing and business services climbed 14 percent year-on-year, while that for information transmission, software, and IT services expanded 12.9 percent.

In the first five months, the index increased by 9.1 percent year-on-year, and the growth rate was 0.7 percentage points higher form that in the January-April period.