China’s youth jobless rate edges down in June for third consecutive month
The jobless rate for 16- to 24-year-olds fell for the third month, though China’s broader labour market faces headwinds
The jobless rate for the 16-24 age bracket, excluding students, fell to 14.9 per cent in June, a monthly drop of 0.7 percentage points, according to China’s National Bureau of Statistics (NBS). This cooling in youth unemployment helped push the overall urban jobless rate down from May’s rate.
“Starting in April, the labour market has bounced back after the Spring Festival. With companies stepping up activity for peak seasonal operations, the jobless rate has logged consistent declines,” said Xiao Ning, an official at the NBS.
Xiao said that employment in service sectors including accommodation and catering, wholesale and retail trade, transport and information technology had continued to expand.
The jobless rate for the 25-29 age group, excluding students, edged down to 7.1 per cent, from 7.2 per cent recorded in May. Nationwide, employees logged an average of 48.2 weekly working hours, equivalent to a 9.64-hour daily shift.
Yet seasonal headwinds are emerging. A record 12.7 million students are set to graduate this summer, roughly four per cent higher than last year’s cohort, which is projected to send youth unemployment higher across July and August.