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Beijing [China]Sept. 17 (ANI): 18.7% of China’s 16- to 24-year-olds are unemployed, down slightly from a record high of 19.9% set in July, official data showed.
Citing data from the National Bureau of Statistics, the Global Times reported that the surveyed unemployment rate in urban areas nationwide was 5.3 percent last month, down 0.1 percentage point from the previous month.
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“In August, the unemployment rate for people aged 16-24 was 18.7 percent, down 1.2 percentage points from July,” the Global Times reported.
Earlier, the National Bureau of Statistics said China’s youth unemployment rate had reached a record high of 19.9 percent.
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China’s local media portal Global Times quoted the Ministry of Education as saying that the number of university graduates in 2022 is expected to reach 10.76 million, surpassing 10 million for the first time, an increase of 1.67 million from 2021.
Meanwhile, the urban unemployment rate was 6.1% in April, 5.9% in May and 5.5% in June.
Youth unemployment climbed to a record 19.9% in July, compared with 19.3% in June and 18.4% in May.
Additionally, businesses have slowed hiring due to the impact of the Covid-19 pandemic. In particular, the slow recovery of the tertiary industry has also hindered the employment of young people.
Previously, top Chinese talents have targeted Fortune 500 companies, large Internet platforms, consulting agencies or law firms in cities such as Beijing and Shanghai. But this year, as China’s economy is battered by strict coronavirus control measures and a regulatory blow, graduates have been spooked by a flood of social media news about mass layoffs at tech, entertainment, private tutoring and real estate firms. Post, a US-based publication.
Young people are losing faith in private companies and are willing to accept lower wages in the state sector.
If the trend continues, China’s economic growth will suffer, the publication said. China’s top five listed education companies cut 135,000 jobs last year after a crackdown, regulatory filings show.
In addition, many college and vocational school graduates entering the job market find that the available positions do not match job seekers’ expectations.
The publication cited recruitment firm 51job Inc as saying that a number of private companies have cut jobs amid the Covid-19 outbreak, which is why 39 percent of last year’s graduates named state-owned enterprises as their preferred employers.
Economists say China’s GDP needs to grow by 3% to 5% this year to meet its employment target. However, the country is expected to achieve a growth rate of close to 4% – a highly uncertain outlook as more lockdowns are likely to be put in place to contain the spread of the coronavirus. (ANI)
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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