Despite an easing of China’s youth unemployment rate in June, the country is steeling itself for a challenging job-hunting season as a record number of fresh graduates prepares to enter the labour market.
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The urban jobless rate for those aged 16 to 24, excluding students, dipped to 14.5 per cent last month – more than one in seven people – from 14.9 per cent in May, according to data released by the National Bureau of Statistics (NBS) on Thursday.
While this marked the fourth consecutive month that China’s youth unemployment has fallen, it remained over one percentage point higher than the figure recorded at the same time last year, suggesting significant strain on the job market as the graduation season approaches.
A sharp rise in unemployment is expected over the next two months, when a record 12.2 million university students are set to graduate and a majority likely to join the workforce.
In 2024, the urban youth unemployment rate jumped from 13.2 per cent to 17.1 per cent between June and July.
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“Employment pressure on key groups such as young people and migrant workers, as well as some industries, has increased,” said Wang Pingping – head of the bureau’s population and employment statistics department – in an article published Wednesday on China Economic Net, a news website run by the state-owned Economic Daily.
Rick Zhang, a native of Jilin province who just earned his computer science bachelor’s degree in Hong Kong, is one of many feeling the pressure.