Jobless Rate Among China's Youth Declines

BEIJING (Reuters) – The jobless rate for 16-to-24-year-olds in China, excluding students, fell to 17.6% in September from 18.8% the previous month, according to official data released on Tuesday. This decline offers some relief to officials after youth unemployment soared to record levels for two consecutive months.

Youth unemployment, particularly among recent college graduates, surged from 13.2% in June to 17.1% in July, coinciding with the entry of 12 million students into the labor market. The figure continued to rise in August, reaching its highest level since the National Bureau of Statistics revised its methodology to exclude students in December 2023.

Last year, youth unemployment peaked at a staggering 21.3% in June, leading China to suspend the publication of this critical benchmark until the methodology was adjusted.

At a news conference following the release of disappointing growth figures for the third quarter, officials expressed optimism that the world's second-largest economy would maintain a "stabilization and recovery trend" observed in September.

However, a separate official survey indicated that factory owners remained cautious about hiring in September, with the last reported improvement in employment conditions dating back to February 2023.

The unemployment rate for those aged 25 to 29 was 6.7% (excluding college students), while it stood at 3.9% for individuals aged 30 to 59.