Job confidence in China dips in Q2
Nearly 46% of Chinese households think the employment situation remains “grim” in the second quarter of 2022 after tough COVID-19 curbs took a toll on the economy.
According to the People’s Bank of China (PBOC), this is the country’s lowest job confidence figure since the global financial crisis of 2008 and 2009.
Another indicator of future expectations of employment also dropped to the worst level since 2009. Last May, the jobless rate in 31 big cities in China rose to a record 6.9%. Youth unemployment rose to 18.4%
Faced with economic uncertainties, PBOC said that more than half (58.3%) of the households are inclined to save rather than spend or invest in Q2 — up from 42.4% in the first quarter.
With this growing problem, People’s Republic of China Premier Li Keqiang said China would strive to return the economy to a standard track and cut the jobless rate as soon as possible.
Meanwhile, online newspaper The Hindu wrote that “a cohort of graduates larger than the entire population of Portugal” is about to enter China’s business world.
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