Beijing: The National Bureau of Statistics (NBS) revealed on Thursday that China’s youth unemployment rate soared to an unprecedented level in May. The data released by the NBS indicates that the unemployment rate among individuals aged 16 to 24 reached a record high of 20.8%, surpassing the previous record of 20.4% set in April. In contrast, the overall urban unemployment rate remained stable at 5.2%, as stated by the NBS.
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.
Discussion about this post