China’s youth unemployment rate just hit a record high

News Snapshot:

Another troubling sign has emerged in China as the country seeks to regain its economic footing following three years of strict covid curbs. The National Bureau of Statistics (NBS) released data today (May 16) that shows the country’s youth jobless rate topped 20% in April, marking its highest level since records began five years ago. Advertisement The unemployment rate for 16- to 25-year-olds rose to 20.4% last month, climbing from 19.6% in March. China is expecting 11.58 million fresh graduates to enter the job market this year, and if demand for hiring doesn’t pick up, even more Chinese youths will...