China’s youth-jobless rate improves as challenges still threaten stability
- Employment situation deemed stable in first half of 2024 despite pressures and structural conflicts that the NBS says have taken a toll on China’s economy
China’s jobless rate for the 16-24 age group dipped to 13.2 per cent in June, excluding students, and has gradually improved for the past three months, according to the National Bureau of Statistics (NBS).
After contracting to 14.2 per cent in May, the youth-unemployment rate further shrank by a full percentage point last month.
Meanwhile, the jobless rate for the 25-29 age group, also excluding students, was 6.4 per cent in June, and similarly marked a third consecutive month of decline, while the rate for the 30-59 age group remained unchanged from May at 4 per cent, NBS figures showed on Wednesday.
“The overall employment situation remained stable in the first half of the year,” said Wang Pingping, director of population and employment statistics at the NBS, as the broad urban-unemployment rate of 5 per cent in June was unchanged from the prior two months.
“However, it is important to note that both pressure on the overall employment volume and structural conflicts exist. Ensuring stable employment still faces certain challenges,” Wang warned on Monday before Wednesday’s data release.
In June last year, the jobless rate for the 16-24 age group hit a record-high 21.3 per cent, weighing heavy on Beijing’s post-pandemic recovery efforts.
