BEIJING (Reuters) – Youth unemployment in Chinese cities fell for the third straight month in November after reaching its highest levels this year in August, official data showed on Wednesday.
The urban unemployment rate for people aged 16 to 24, excluding students, fell to 16.1% from 17.1% in October, according to data from the National Bureau of Statistics.
The unemployment rate among people aged 25-29 also fell, falling slightly to 6.7% from 6.8%, while the unemployment rate among people aged 30-59 remained unchanged at 3.8%.
The nationwide unemployment rate reached 5% in November, according to data released by the Census Bureau on Monday.
China stopped reporting youth unemployment data for several months after the unemployment rate among 16- to 24-year-olds reached a record high of 21.3% in June last year.
The National Bureau of Statistics resumed publication of the closely watched index in December 2023 after changing the methodology to exclude students.
The unemployment rate also does not take into account job seekers who have given up looking for work, nor does it assess the unemployment situation in rural China.
China’s economic recovery has faltered this year amid weak domestic demand and a prolonged real estate crisis, although some officials expect the economy to achieve its 2024 growth target of about 5%.
The government announced a wave of stimulus measures to support the economy ahead of more external headwinds expected from the second Trump administration in the United States next year.
Chinese government advisers also recommended that Beijing maintain its economic growth target at around 5.0% for next year, and push for stronger fiscal stimulus to mitigate the impact of Trump’s expected tariff hikes on the country’s exports.
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