China Youth Unemployment Rises To Record 20.8% In May
15th Jun 2023
China on Thursday reported a series of weak economic indicators, with youth unemployment hitting a record high for the second consecutive month as the economy’s post-Covid growth spurt fades.
The unemployment rate for Chinese between the ages of 16 and 24 rose to 20.8 percent, up from what was already a record 20.4 percent in April, the National Bureau of Statistics said.
Overall urban unemployment remained at 5.2 percent, the NBS said in a statement.
Meanwhile, industrial production rose 3.5 percent in May, down from 5.6 percent a month earlier, as factories gradually returned to full capacity.
Retail sales, the main indicator of household consumption, rose by 12.7 percent on-year compared with 18.4 percent a month earlier.
Weak domestic demand, despite near-zero inflation, is holding back China’s post-Covid recovery.
“All the data points so far sent consistent signals that the economic momentum is weakening,” Zhiwei Zhang, president of Pinpoint Asset Management, said in a note on Thursday.
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