China's April Youth Unemployment Rate Drops from High to 16.3%

(CNA, Shanghai, May 21, by reporter Liao Wen-chi) Data from China's National Bureau of Statistics showed that the unemployment rate for youths aged 16 to 24 was 16.3% in April, a decrease from the previous month's high. However, the unemployment rates for the 25-29 and 30-59 age groups were the second-highest since the statistical methodology was adjusted in December 2023, indicating continued pressure on the job market. China's National Bureau of Statistics released age-specific unemployment data for April on the 20th. The unemployment rate for the 16-24 labor force, not including students, was 16.3%, down 0.6 percentage points from March. The rate for the 25-29 labor force was 7.4%, down 0.3 percentage points from March, and the rate for the 30-59 labor force was 4.2%, down 0.1 percentage points from March. According to a report by Chinese media outlet Caixin, the statistical methodology for the surveyed unemployment rate was adjusted starting in December 2023. In March of this year, the unemployment rates for both the 25-29 and 30-59 age groups rose to their highest points under the new methodology. Although both decreased in April, they remained at the second-highest levels and were significantly higher than the same period last year. This suggests that the unemployment rate for the main labor force is high and the job market is under pressure. The report pointed out that the improvement in the 16-24 youth unemployment rate was more noticeable in April, falling to 16.3%, but it was still 0.5 percentage points higher than the same period last year and remained significantly higher than other age groups. Seasonally, the youth unemployment rate typically rises further during the graduation season from July to August, and there is still upward pressure ahead. In addition, the national urban surveyed unemployment rate fell to 5.2% in April, slightly higher than the same period last year. The surveyed unemployment rate in 31 major cities also decreased from March, matching the overall rate at 5.2%. The report noted that, overall, the national urban surveyed unemployment rate and the rates for all age groups improved in April compared to the previous month, showing some divergence from the downward trend in multiple indicators such as investment, consumption, industrial production, and real estate. According to data released by the National Bureau of Statistics on the 18th, China's value-added of industrial enterprises above designated size grew by 4.1% year-on-year in April, the lowest since July 2023 and below the 5.7% year-on-year growth in March. Total retail sales of consumer goods in April increased by only 0.2% year-on-year, the lowest since December 2022. (Editor: Yang Sheng-ju) 1150521