China’s youth unemployment hits a fresh record high in May, major data disappoint
A woman rests on a table at a job fair on June 9, 2023 in Beijing, China.
Kevin Frayer | Getty Images News | Getty Images
BEIJING — China’s youth unemployment rose to a record in May, while major data missed expectations, according to data released Thursday by the National Bureau of Statistics.
The unemployment rate for young people ages 16 to 24 rose to 20.8% in May, a record and above the high set in April. The jobless rate for people of all ages in cities was 5.2% in May.
Retail sales for May rose by 12.7% in May from a year ago, below expectations for 13.6% growth forecast by a Reuters poll.
Industrial production rose by 3.5% in May from a year ago, slower than the 3.6% expected by the Reuters poll.
Analysts forecast a 4.4% increase in fixed asset investment for the first five months of the year from a year ago.
Fixed asset investment for the first five months of the year rose by 4% from a year ago, slower than the 4.4% predicted by Reuters.
“The national economy sustained the recovery momentum,” the statistics bureau said in a release in English.
However, the bureau warned of persistent challenges from the international environment and “mounting pressure” on the “domestic structural adjustment,” without elaborating much.
