China’s youth unemployment jumped to 17.8 % in July, up sharply from 14.5 % a month earlier, according to data released by the National Bureau of Statistics. The reading, which excludes full-time students, marks the highest level in nearly a year and comes as a fresh cohort of university graduates enters a labour market already strained by muted economic growth. Joblessness also ticked higher among 25- to 29-year-olds, rising to 6.9 % from 6.7 % in June, while the overall urban unemployment rate climbed to 5.2 % after holding at 5 % for two consecutive months. The deterioration underscores persistent weakness in hiring at smaller firms and in consumer-facing sectors. The latest figures add pressure on Beijing to bolster employment support and rekindle private-sector confidence as policymakers battle sluggish domestic demand and a protracted property downturn. Economists warn that further labour-market softening could weigh on household spending and complicate the government’s efforts to stabilise growth in the second half of the year.
A survey of 4,446 US adults on AI: 71% are concerned AI will permanently displace large numbers of workers, 61% worry about electricity consumption, and more (Reuters) https://t.co/fVEMooAiwz https://t.co/UrTjDyRrJb https://t.co/ZOzeer2dpR
Unemployment rate among 16-19-year-olds up to 15.2%, higher by 6ppt from the cycle low. 20-24yo 7.9%, a 2ppt bump from a couple years ago. https://t.co/S3uYQL4j7E https://t.co/ggbWKhEO9x
China youth jobless rate rises to 17.8% in July https://t.co/eLTdtrS8x4 https://t.co/eLTdtrS8x4