China’s record high youth unemployment rate may climb further in the months to come, a warning sign that will pressure policymakers to take action.
The jobless rate for those age 16 to 24 hit 20.4% last month, nearly four times the national rate, data from the National Bureau of Statistics showed Tuesday. Pressures will probably only grow this summer, when an estimated 11.58 million graduates are expected to flood the market.
The surge in joblessness underscores how much the economy is struggling to absorb new workers, even as growth rebounds from its pandemic slump and the overall labor force declines.