China’s youth unemployment rate skyrocketed to a record high of 17.1% last month, marking the highest level since the new system of record-keeping began in December, NBC News reports, citing the National Bureau of Statistics.
The rate is a significant increase from the 13.2% rate reported in June.
The unemployment rate for persons aged 16 to 24, excluding those still in school, has been a cause for growing concern in the Asian nation. The government had suspended reporting of the youth unemployment rate for much of the second half of last year as it revised its calculation methods. The new jobless rate for young people excludes those in school due to the increasing number of Chinese pursuing higher education amid a fiercely competitive job market.
The final figure under the prior calculation method showed unemployment for individuals aged 16 to 24 reached a record high of 21.3% in June 2023.
The urban unemployment rate across all age categories rose up to 5.2% in July compared to 5% in June, according to data released Thursday.
Liu Aihua, spokesperson for the statistics bureau, attributed the surge in the urban jobless rate in July to the graduation season. However, she admitted broader pressure on employment, including structural challenges faced by businesses in finding suitable workers.
