Sep 23, 2024 08:41 PM
DAILY CHART
Chart of the Day: China’s Urban Youth Unemployment Hits Record for Second Month
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The surveyed urban unemployment rate for Chinese people aged between 16 and 24, excluding students, climbed to the highest in August since the data series was first released in January, official data showed.
The rate, recently published by the National Bureau of Statistics (NBS), came in at 18.8%, surpassing July’s 17.1% to set a record for the second consecutive month.
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- The urban unemployment rate for Chinese individuals aged 16-24, excluding students, reached 18.8% in August, a record high since data tracking began in January.
- The overall surveyed urban unemployment rate increased to 5.3% in August, driven by an influx of 11.8 million new graduates into a contracting job market.
- Key sectors such as real estate, internet, and tutoring have reduced hiring due to regulatory changes and economic slowdown; policy positions are expanding, but concerns exist over their sustainability.
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Who’s Who
- National Bureau of Statistics
- The National Bureau of Statistics (NBS) is responsible for publishing official data in China. It recently reported that the surveyed urban unemployment rate for Chinese youth aged 16 to 24, excluding students, rose to a record 18.8% in August. The NBS began releasing this revamped youth jobless rate in January after halting the previous data series in June last year due to a high proportion of students among the surveyed population.
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What Happened When
- June 2023：
- China’s previous data series for the surveyed urban youth unemployment rate hit a record high of 21.3% and was subsequently halted.
- January 2024：
- NBS started publishing data for a revamped version of the youth jobless rate, which excludes students.
- July 2024：
- The surveyed urban youth unemployment rate was 17.1%.
- August 2024：
- The surveyed urban youth unemployment rate climbed to 18.8%, the highest since January 2024.
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