January 17, 2024Anmol Nagpal

China records improvement in employment rate

China said its youth unemployment rate improved in December after policymakers spent months changing their methodology on the figure that hit a record high last summer.

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The jobless rate was 14.9 per cent last month for those between 16 and 24 years old, the statistics department of China said in a statement on Wednesday.

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That figure excluded students, and compared to 21.3 per cent in June 2023.

Source: Republic Digital

Youth unemployment jumped in 2023, in a sign of a weakening economy as employers pulled back on hiring and favored workers with more experience.

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The NBS also added a new jobless rate for people between ages 25 and 29 who are not students, which stood at 6.1 per cent in December.

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The nationwide urban jobless rate was 5.1 per cent in December.

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The youth jobless rate, which began in 2018, tends to fall in winter and rise in summer, as students graduate from school and look for jobs.

Source: Pixabay

Even though the rate has climbed throughout recent years as the job market deteriorated.

Source: Unsplash