China's Youth Unemployment Rate Falls to 15.8% in April for Two Consecutive Months

Korea Economic Daily

Summary

China announced that the youth unemployment rate has fallen for two consecutive months to 15.8%.
Despite applying a new statistical method, it was reported that employment instability continues.
The urban unemployment rate for all age groups also decreased to 5.1%.

In China, where employment instability continues due to economic slowdown, the youth unemployment rate for those under 25 fell to 15.8% last month, marking a decline for two consecutive months.

According to the National Bureau of Statistics of China on the 20th, the unemployment rate for urban youth aged 16-24, excluding students, was 15.8% in April, down 0.7 percentage points from the previous month (16.5%). The unemployment rate for this age group had risen for two consecutive months after December last year (15.7%), reaching 16.9% in February this year, before turning downward in March (16.5%). Last month, it fell to the 15% range for the first time this year.

The unemployment rate for those aged 25-29 in April was 7.1%, and for those aged 30-59, it was 4%, both down 0.1 percentage points from the previous month. This marks a decline for two consecutive months.

On the 19th, the National Bureau of Statistics announced that the nationwide urban unemployment rate in April was 5.1%, down 0.1 percentage points from the previous month. From January to April, it was 5.2%.

In China, after the youth unemployment rate hit a record high of 21.3% in June 2023, the related announcements were abruptly halted. From December of the same year, a new youth unemployment rate excluding middle and high school and university students began to be announced.

Despite changing the statistical method, China's youth unemployment rate did not fall and instead rose to 18.8% in August last year, maintaining a level of 15-16% since the end of last year.

Reporter Yonghyun Shin, Hankyung.com yonghyun@hankyung.com