The National Bureau of Statistics said that China's youth unemployment rate reached a new peak in August as economic struggles worsened job prospects. The jobless rate for 16- to 24-year-olds, excluding students, rose to 18.8%, up 1.7% from the previous record high set in July.
Beijing stopped releasing data on youth unemployment last year due to high rates but resumed reporting with a revised method that excludes enrolled students. Despite changes, the youth unemployment rate remains 3.5 times higher than the national urban rate of 5.3%.
Additionally, unemployment among workers aged 25 to 29, excluding college students, rose to a 4-month high in August, amounting to 6.9%. The rise is partly due to a record 11.79 million new graduates entering the workforce this summer. Despite government efforts like subsidies and incentives, young people continue to struggle with job opportunities. Earlier in the month, China proposed raising the retirement age to tackle workforce shortages, sparking concerns that it may worsen youth unemployment.