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China’s Youth Unemployment Hits New High As Country Reels From A Series Of Troubling Economic Data
Representative Image (Pic Via YouTube Screengrab)
China's jobless rate for the 16-24 age group hit a new high of 20.8 per cent in May, up from 20.4 per cent in April, latest in the series of data pointing to continued economic weakness and prompting calls for government to provide immediate fiscal boost.
Overall urban unemployment remained at 5.2 percent, the National Bureau of Statistics (NBS) said in a statement today.
On Tuesday, China’s central bank cut a key policy rate in a clear signal of monetary loosening to support the country's struggling economy.
In the first five months of the year, real estate investment tumbled 7.2% on the year, the NBS said. Property sales by area during the same period fell 0.9%, while unsold residential space swelled 15.9% to 310 million square meters.
While fixed-asset investment from private business fell by 0.1 per cent (down from the 0.4 per cent rise in the first four months), Industrial output from private firms grew by a mere 0.7 per cent last month.
China’s exports also recorded a sharp fall in May. Exports fell by 7.5 per cent in May from a year earlier to US$283.5 billion due to weakening external demand across country's major trading partners and products
The country's official manufacturing purchasing managers' index (PMI) came in at 48.8 this month, down from 49.2 for April. The 50-point mark separates a contraction in activity from an expansion.
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