China stops publishing data on youth unemployment as economic woes mount

aged 16 to 24 could not find work after an economic rebound following the end of coronavirus controls fizzled out.

Publication of unemployment by age group has been suspended while the National Bureau of Statistics considers how it measures data, according to bureau spokesperson Fu Linghui. He said a survey found overall unemployment among urban workers was 5.3 per cent, up 0.1 percentage points from June.

“A decision to discontinue the youth unemployment figures just after they hit a record high doesn’t inspire confidence,” Capital Economics wrote.

Yesterday the People’s Bank of China cut the interest rate on a one-week loan to banks to 1.8 per cent from 1.9 per cent.

“[The] cuts suggest that the authorities’ concern about the state of the macroeconomy is mounting,” said Robert Carnell of ING. “But that doesn’t mean that they are about to undertake unorthodox policy measures.”

Economic growth slid to 0.8 per cent over the previous quarter in the three months ending in June from 2.2 per cent in the January-March period. That is equivalent to 3.2 per cent annual growth, which would be among China’s weakest in decades.

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