In September, the unemployment rate among young people aged 16 to 24 (excluding students) fell to 17.6%, down from 18.8% in August. Earlier this year, in June, the unemployment rate among young people and recent college graduates was 13.2%, but it surged to 17.1% in July.
This sharp increase was driven by the entry of approximately 12 million students into the labor market. The upward trend continued through August, peaking at 18.8%, marking the highest rate in 2024. In response, the National Bureau of Statistics decided to revise its methodology.
Previously, the National Bureau of Statistics did not factor students into the calculation of the unemployment rate. However, after the rate hit a record 21.3% in June last year, the bureau chose to include the student population in its assessment. Despite these fluctuations, officials remain optimistic that China’s economy, the world’s second-largest, “will maintain a trend of stabilization and recovery”
However, a separate official survey conducted in September on factory owners' confidence showed that many remain hesitant to hire new workers.
