China records split urban employment amid slowing economic growth in second quarter
Date
7/24/2024 4:48:14 AM
(MENAFN) China's Ministry of Human Resources and Social Security announced that approximately 6.98 million new jobs were created in urban areas during the first half of this year. The urban unemployment rate remained steady at 5 percent last month, reflecting a generally stable employment situation, according to a news agency. China has set a target to create over 12 million new urban jobs this year, aiming to keep the urban unemployment rate at 5.5 percent.
Despite these positive employment figures, the Chinese economy's growth rate saw a decline in the second quarter compared to both the first quarter and analysts' expectations. The Chinese National Bureau of Statistics reported an annual growth rate of 4.7 percent for the second quarter, falling short of the anticipated 5.1 percent, and down from the 5.3 percent growth rate in the first quarter. On a quarterly basis, the economy grew by 0.7 percent after accounting for seasonal adjustments, which was below the expected 1.1 percent growth and a drop from the 1.6 percent growth in the previous quarter.
Additional data from the National Bureau of Statistics indicated that the unemployment rate remained broadly stable at 5 percent last month, aligning with analysts' forecasts. This stability in employment, even amid slower economic growth, underscores the resilience of China's labor market.
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