SHANGHAI: Youth unemployment in China hit 18.8 percent in August, its highest level this year, as the country struggles to revive a flagging economy.
The unemployment rate for 16-24 year-olds not in school has increased from 17.1 percent in Julyaccording to figures released by the National Bureau of Statistics (NBS) on Friday (September 20).
That closely watched figure peaked at 21.3% in June 2023, before authorities suspended publication of the figures and changed their methodology to exclude students.
Nearly 12 million students graduated from Chinese universities in June, increasing competition in an already tough job market and likely explaining the sharp rise in unemployment in July.
In May, President Xi Jinping said tackling youth unemployment should be considered a “top priority.”
According to the BNS, unemployment among people aged 25 to 29 increased to 6.9% in August, compared to 6.5% in July.
The unemployment figures for August come after officials reported disappointing data on retail sales and industrial production growth for the month.
“The negative effects of the current changes in the external environment are intensifying, domestic demand is still insufficient and the economy still faces many difficulties and challenges in its continued recovery,” the SNB said in a previous statement.
