Youth unemployment is impacting China’s economic recovery. With some young workers still struggling to find suitable employment, returning to China’s pre-pandemic consumption-growth levels is looking more challenging. In June, the surveyed unemployment rate for 16-24-year-olds was 15.4%—up from 12.3% in December. Still under the record high of 16.8% during July and August 2020, the youth unemployment rate has been trending up since 2018 and 2019 when it typically fell between 10-11%. Some educated Chinese youth are choosing to forgo the competitive working hours (often known as “9-9-6” where people work nine to nine, six days a week) that are normal for the tech industry, and there are few suitable jobs for highly educated young people. As China continues to work toward recovery post-pandemic, the labor market also has potential to recover, but until then Chinese youth who are just starting out in the workforce are struggling. (WSJ)
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