Hiring by China’s Smaller Employers Stays Stuck at Record Low

Small companies are likely to be less resilient than larger ones for withstanding shocks

(Bloomberg) — Hiring by China’s smaller companies held near a record low last month, underscoring how the slowdown from the real estate slump and pandemic controls is hurting employers that are the backbone of the economy.

The ‘Blue Collar’ Job Index for small and medium-sized businesses, which are mostly in manufacturing and services, showed little improvement in the third quarter after hitting a record low of 0.3 in June, according to the Beijing-based China Institute for Employment Research. That means there are more than three times as many applicants as there are jobs available.