China’s New Hires See Biggest Salary Drop on Record

(Bloomberg) — Wages offered to Chinese workers in major cities declined by the most on record, underscoring persisting deflationary pressures and sluggish consumer confidence in the world’s second-largest economy.

Average salaries offered by companies to new hires in 38 key Chinese cities fell 1.3% to 10,420 yuan ($1,458) in the fourth quarter of 2023 from a year ago. That was the worst drop since at least 2016, according to data from online recruitment platform Zhaopin Ltd. compiled by Bloomberg.