SHANGHAI: Youth unemployment in China climbed to 18.8 per cent in August, its highest level this year, as the country struggles to boost a flagging economy.
The unemployment rate among 16- to 24-year-olds not in education rose from 17.1 per cent in July, according to figures released by the National Bureau of Statistics (NBS) on Friday (Sep 20).
The closely watched metric peaked at 21.3 per cent in June of 2023, before authorities suspended publication of the figures and changed their methodology to exclude students.
Nearly 12 million students graduated from Chinese universities this June, heightening competition in an already-tough job market and likely explaining July’s sharp increase in joblessness.
In May, President Xi Jinping said countering youth unemployment must be regarded as a “top priority”.
Unemployment for those aged 25-29 edged up to 6.9 per cent in August from 6.5 per cent in July, according to the NBS.
The unemployment figures for August come after authorities announced lacklustre data for retail sales and industrial production growth for the month.
“Adverse effects of current changes in the external environment are increasing, domestic demand is still insufficient, and the economy is still facing many difficulties and challenges in its continued recovery,” the NBS said in a previous statement.
Source: CNA
