China: youth unemployment rises to 20.8% in May – 06/15/2023 – Market
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China announced this Thursday (15, Wednesday night in Brasilia) a series of weak economic indicators, with unemployment among young people reaching the highest level ever recorded for the second consecutive month, while the post-pandemic growth economy slows down.
The unemployment rate for Chinese people aged 16-24 rose to 20.8%, compared with an already alarming 20.4% recorded in April, according to China’s National Bureau of Statistics.
General urban unemployment remained at 5.2%, as disclosed in a statement by the agency.
Meanwhile, industrial production rose 3.5% in May, compared with 5.6% the previous month, as factories gradually returned to full capacity.
Retail sales, the main indicator of household consumption, increased 12.7% year-on-year, compared with 18.4% the previous month.
Weak domestic demand, despite near-zero inflation, is limiting China’s post-pandemic recovery.
“So far, all data has consistently signaled that economic momentum is weakening,” Zhiwei Zhang, president of Pinpoint Asset Management, said in a statement.
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