SHANGHAI: Youth unemployment in China climbed to 18.8 per share in August, its highest level this time, as the state struggles to raise a failing economy.
According to data released by the National Bureau of Statistics ( NBS ) on Friday ( Sep 20 ), the unemployment rate among 16 to 24-year-olds who are not educated increased from 17.1 % in July.
Prior to authorities suspending publication of the numbers and changing their strategy to eliminate students, the carefully watched metric reached a peak of 21.3 % in June of 2023.
In June, almost 12 million students graduated from Taiwanese universities, boosting competition in a already difficult job market and good contributing to July’s sharp rise in joblessness.
President Xi Jinping stated in May that eradicating youth unemployment should be a” best goal.”
Poverty for those aged 25-29 edged away to 6.9 per cent in August from 6.5 per cent in July, according to the NBS.
Authorities released scant data on the month’s growth in industrial manufacturing and retail sales, which led to the release of the August employment figures.
In a previous declaration, the NBS stated that the negative effects of the current changes in the external environment were increasing, domestic demand was still inappropriate, and the economy was still facing numerous difficulties and challenges in its ongoing recovery.