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Youth Unemployment Rate Declines
In September, China's jobless rate for 16-to-24-year-olds, excluding students, decreased to 17.6%, down from 18.8% in August. This data, released by official sources on Tuesday, brings a sigh of relief to authorities after youth unemployment had soared to alarming levels for two consecutive months.
Rising Unemployment Among Young Graduates
The youth unemployment rate surged from 13.2% in June to 17.1% in July, coinciding with the influx of approximately 12 million new graduates entering the labor market. The following month, the rate peaked again, marking the highest level recorded since the National Bureau of Statistics revised its methodology in December 2023 to exclude students from the statistics.
The highest youth unemployment rate, recorded at 21.3% in June of the previous year, prompted the Chinese government to suspend publication of this critical benchmark until the methodological adjustments were implemented.
Economic Outlook and Hiring Trends
Despite the slight improvement in youth unemployment, officials remain cautious. A recent report highlighted that factory owners' confidence in September indicated continued hesitancy to hire, with the last positive employment report for producers dating back to February 2023. For individuals aged 25 to 29, the jobless rate stood at 6.7%, while those aged 30 to 59 reported a rate of 3.9%, both figures excluding college students.
