May 17, 2023 04:15 AM

ECONOMY

China’s Record-High Youth Jobless Rate Is Set to Get Even Worse

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With unemployment already over 20% among those 16 to 24 years old, 12 million new college graduates are set to hit the market this summer

With unemployment already over 20% among those 16 to 24 years old, 12 million new college graduates are set to hit the market this summer

(Bloomberg) — China’s record high youth unemployment rate may climb further in the months to come, a warning sign that will pressure policymakers to take action.

The jobless rate for 16-to-24 year-olds hit 20.4% last month, nearly four times the national rate, data from the National Bureau of Statistics (NBS) showed Tuesday. Pressures will probably only grow this summer, when an estimated 11.58 million graduates are expected to flood the market.

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