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                                                                                        China suspends youth unemployment data after record high

                                                                                        15 08.2023
                                                                                        NEWS & BLOG

                                                                                        China has stopped releasing youth unemployment figures, which were seen by some as a key indication of the country's slowdown.

                                                                                        The decision is due to changes in the world's second largest economy and its society, a government spokesman said. 

                                                                                        In June, China's jobless rate for 16 to 24 year olds in urban areas hit a record high of more than 20%. Official figures published on Tuesday showed China's overall unemployment rate had risen to 5.3% in July. At the same time the government said it would temporarily suspend publishing youth joblessness data but gave no timeline for the suspension.

                                                                                        A spokesman for the National Bureau of Statistics said the method of calculating unemployment among young people needed to be reconsidered.

                                                                                        Last week, China recently reported a sharp fall in exports while the economy slipped into deflation where prices fall.

                                                                                        Youth unemployment in China has hit a new record high as the country's post-pandemic recovery falters. The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.

                                                                                        It comes as the world's second largest economy grew just 0.8% in the three months to the end of June.

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