China youth unemployment rate hits record 20.8% in May: Official data

China announced a string of dismal economic statistics on Thursday, with youth unemployment reaching a new high for the second month in a row as the economy’s post-Covid growth boom fades.

The unemployment rate for Chinese between the ages of 16 and 24 rose to 20.8 per cent, up from what was already a record 20.4 per cent in April, the National Bureau of Statistics said.

Overall urban unemployment remained at 5.2 per cent, the NBS said in a statement.

Meanwhile, industrial production rose 3.5 per cent in May, down from 5.6 per cent a month earlier, as factories gradually returned to full capacity.

Retail sales, the main indicator of household consumption, rose by 12.7 per cent on-year compared with 18.4 percent a month earlier.

Weak domestic demand, despite near-zero inflation, is holding back China’s post-Covid recovery.

“All the data points so far sent consistent signals that the economic momentum is weakening,” Zhiwei Zhang, president of Pinpoint Asset Management, said in a note on Thursday.

With inputs from agencies

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