Beijing Youth Joblessness Eases

BEIJING (Reuters) – Joblessness among youth in Chinese cities eased for a third consecutive month in November, following its peak this year in August.

The urban jobless rate for those aged 16 to 24, excluding students, fell to 16.1% from 17.1% in October, according to the National Bureau of Statistics.

The unemployment rate for individuals aged 25-29 also decreased slightly, declining from 6.8% to 6.7%, while the rate for those aged 30-59 remained unchanged at 3.8%.

The nationwide jobless rate stood at 5% in November, as reported by the statistics bureau.

China halted reporting youth joblessness data after the rate for 16-24 year-olds reached a record 21.3% in June last year. The National Bureau of Statistics resumed the publication of this data in December 2023, adapting its methodology to exclude students.

It is important to note that the unemployment rate does not reflect job seekers who have ceased their job searches and does not evaluate the unemployment situation in rural areas.

China’s economic recovery has encountered challenges this year due to weak domestic demand and an ongoing property crisis. Nevertheless, some officials hope to meet the 2024 growth target of around 5%.

In response, the government has initiated various stimulus measures to support the economy, considering potential external challenges from a possible second Trump administration in the US next year.

Chinese advisors have also suggested maintaining an economic growth target of approximately 5.0% for the next year, advocating for enhanced fiscal stimulus to counteract the expected Trump tariff increases affecting exports.