Shanghai is reopening, to the reduction of hundreds of thousands of residents. The hashtag “Shanghai is again” is lighting up Weibo, China’s Twitter -like microblogging service.
However the scenes of jubilation from Shanghai, and modestly higher financial information—manufacturing unit buying managers index readings for Could have ticked up—belie a deeply troubled labor market. Unemployment for the 16-to-24-year-old cohort was 18.2% in April in response to China’s statistics bureau, nicely above the earlier recorded excessive of 16.8% in July and August of 2020. Provided that youth unemployment sometimes peaks within the a number of months after commencement, that quantity will in all probability head even greater this summer season. Lower than half of latest school graduates had a proposal in hand as of final month in response to a survey from on-line recruitment web site Zhaopin, in contrast with 63% within the spring of 2021, and about 75% in 2018.