By South China Morning Post | Created at 2024-11-18 09:36:18 | Updated at 2024-11-18 11:57:32
2 hours ago
China’s urban youth unemployment rate ticked down in October, but remained above 17 per cent for the fourth consecutive month, adding further fuel to concerns over a shortage of job opportunities.
The unemployment rate for the 16 -24 age group, excluding students, stood at 17.1 per cent in October, the National Bureau of Statistics said on Monday, down slightly from 17.6 per cent in September.
The rate has eased, having risen to the highest level since the data set was reintroduced last year after hitting 18.8 per cent in August.
Meanwhile, the jobless rate for the 25-29 age group, excluding college students, edged up to 6.8 per cent last month.
Last week, China had confirmed its overall urban unemployment rate for October stood at 5 per cent, down from 5.1 per cent in September.
A record high 12.22 million students will graduate from universities in China next year, adding to employment pressures as opportunities are not growing at the same pace as the economy transforms, with more companies turning to invest in overseas markets.
