Just as people were getting used to the co-existence of economic slowdown and high employment growth that marked the past decade in China, the monthly surveyed jobless rate at the national level rose twice this year, only to retreat later – but that was enough to spark discussions over the health of the labor market.
In February, the surveyed unemployment rate in urban areas rose to 5.3 percent, the first time since the National Bureau of Statistics started the record in January last year. The rate dropped to 5.0 percent in April and May, and then peaked at 5.3 percent again in July.
We (the China Macroeconomy Forum) believe that China’s labor market will remain stable as adequate employment is being generated nationwide. Structural employment pressures, meanwhile, have surfaced and should be addressed.