Youth unemployment in China reached 18.8 percent in August, marking the highest level this year as the country grapples with a sluggish economy. The jobless rate among 16- to 24-year-olds who are not in education increased from 17.1 percent in July, according to data released by the National Bureau of Statistics (NBS) on Friday.
This closely monitored figure had previously hit a peak of 21.3 percent in June 2023, before the authorities halted the publication of these statistics and altered their methodology to exclude students. Nearly 12 million students graduated from Chinese universities in June, intensifying competition in an already challenging job market and likely contributing to the sharp rise in unemployment in July.
In May, President Xi Jinping emphasized that tackling youth unemployment should be considered a 'top priority'. The unemployment rate for those aged 25-29 rose slightly to 6.9 percent in August, up from 6.5 percent in July, as reported by the NBS.
The August unemployment figures were released following the announcement of underwhelming data for retail sales and industrial production growth for the same month. 'The adverse effects of current changes in the external environment are increasing, domestic demand remains insufficient, and the economy continues to face numerous difficulties and challenges in its ongoing recovery,' the NBS stated in a previous report.
