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With record youth unemployment, China’s jobs market is getting tougher for new graduates to crack

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Most young people are ultimately getting jobs, but ones that might not pay the best or match their area of study, according to CNBC interviews.

The primary reason for high youth unemployment is insufficient demand from businesses, said Zhang Chenggang, director of a research center for new employment forms at the Capital University of Economics and Business in Beijing.

Youth unemployment has remained persistently high over the last three years, while the overall jobless rate for people in cities has officially stayed far lower, near 5%., before falling to near 7% this year, according to U.S. Bureau of Labor Statistics data. China's economic rebound from the pandemic has slowed in recent months. Exports have fallen steadily. The massiveHiring plans have fallen, according to a monthly survey of mostly non-state-owned businesses run by alumni of the Beijing-based Cheung Kong Graduate School of Business. The CKGSB recruitment index fell to 54.2 in June, continuing a drop from 64.6 in April.

 

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