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.

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

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