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China's Youth Jobless Rate Falls to 14.9% in June

Recent hiring in services helped bring the drop in June, with slower growth and a record 12.7 million graduates creating a risk of higher youth joblessness this summer.

People attend a job fair for university graduates at a gymnasium in Hefei, Anhui province, China September 4, 2023. China Daily via REUTERS
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Overview

  • The National Bureau of Statistics reported that the surveyed unemployment rate for 16–24 year olds excluding students fell to 14.9% in June and that the overall urban jobless rate eased to 5.0%.
  • NBS official Xiao Ning said the labour market has bounced back since April and that hiring expanded in services such as accommodation, catering, wholesale and retail, transport and information technology.
  • China's economy slowed to 4.3% growth in the April–June quarter, a drag that limits demand and makes recent gains in employment fragile.
  • A record 12.7 million graduates are expected this summer and analysts warn that the influx could push youth unemployment higher in July and August, prompting expectations of targeted policy support for jobs and consumption.
  • Comparisons with past readings are affected by a 2024 NBS change that excludes students from the youth series, and Beijing plans to create over 12 million urban jobs this year while keeping the unemployment rate near its policy target.