Data published by the National Bureau of Statistics (NBS) showed that in June, the youth unemployment rate (16- to 24-year-olds, excluding those enrolled in school) fell by 1% to 13.2%, which is a positive sign, contrary to weak economic dynamics.
On Monday, NBS said the overall unemployment rate in June was 5.0%, unchanged from May.
NBS suspended the publication of data on the youth unemployment rate in June 2023 after the figure rose to a record high of 21.3%. In January of this year, NBS resumed releasing this data using a new methodology that excludes young people who are still studying. But experts said that this amendment made this indicator less useful.
Meanwhile, economists warn that for Chinese youth, finding a job will almost certainly become more difficult, as a record number of college graduates - about 12 million people - enter the labor market this summer. Underlining politicians' concern about youth unemployment, the Chinese president in May called on officials to create more jobs for youth and migrant workers, promising to strengthen government support. But economists say the problem is not that there are not enough jobs in China, but rather that the structural imbalance in the labor market has led to a shortage of higher-paying and highly qualified positions, which many young people expect after several years of study.