Youth unemployment in China surged to 18.8% in August, marking its highest level of the year, as the nation continues to grapple with economic stagnation.
According to data released by the National Bureau of Statistics (NBS) on Friday, the unemployment rate for 16- to 24-year-olds not in education rose from 17.1% in July. This follows a peak of 21.3% in June 2023, before authorities altered the reporting method, excluding students from the statistics.
The sharp increase in youth unemployment comes in the wake of the graduation of nearly 12 million university students in June, intensifying competition in an already challenging job market and contributing to the rise in joblessness in July.
President Xi Jinping highlighted the importance of addressing youth unemployment in May, stating that it should be treated as a top priority.
Unemployment among those aged 25-29 also saw a slight increase, rising from 6.5% in July to 6.9 percent in August, according to the NBS.
These figures follow disappointing reports for August on retail sales and industrial production, signalling ongoing economic challenges for China.
“Adverse effects of current changes in the external environment are increasing, domestic demand is still insufficient, and the economy is still facing many difficulties and challenges in its continued recovery,” the NBS said in a previous statement.
