Lee Ying Shan is a news associate with CNBC International based in Singapore.
China’s youth unemployment rate in August rose to the highest level since the new system of record-keeping began in December, driven by an economic slowdown and restrictive hiring policies, according to analysts. The jobless rate for people in China ages 16 to 24, and not in school, rose to 18.8% last month, data from the National Bureau of Statistics showed Friday. That’s up from 17.1% in July, and 13.2% in June. China’s urban unemployment rate across all age categories rose 5.
a 30 day notice plus 2 months salary. This is expensive so no one wants to fire anyone now or hire anyone new,” he noted. “That’s why the unemployment rate isn’t that bad but the unemployment rate for youths is so high,” Rein added. Unemployment rates are also typically higher during college graduation seasons during the summer months, said Erica Tay, director of macro research at Maybank.
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