China’s Unemployment Rate Increases

today07/17/2023 5

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Youth unemployment in China has hit a new record high as the country’s post-pandemic recovery wavers.
Official figures reveal, China recorded a jobless rate of 16 to 24 year olds in urban areas,which rose to 21.3% last month, this came as the world’s second largest economy grew just 0.8% in the three months to the end of June, with Analysts speculating the weak pace of growth raised expectations that authorities may soon announce new measures to boost the economy.
According to Asia Pacific chief economist at investment firm Qian Wang ,The disappointment is particularly evident in retail sales and housing investment, coupled with earlier trade, inflation and credit reports, reaffirmed our view that the underlying growth momentum is still very weak, she also revealed that Global demand for Chinese goods has fallen significantly.
The unemployment rate for urban youth has been climbing for several months. This is due to factors including a mismatch between what graduates were trained to do and the jobs currently available,as a record 11.58 million university graduates are expected to enter the Chinese jobs market this year.
Authorities have admitted that youth unemployment will probably continue to rise in the coming months, before hitting a peak around August.

Written by: Helen Obih

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