China's official urban unemployment rate jumped for the first time since 2003 and may climb to an almost 30-year high as exports slump and a slowdown deepens in the world's third-biggest economy.
A rate as high as the government's 4.6 percent target for this year, which was announced ... today, would be the worst since 1980, official data show. Premier Wen Jiabao said yesterday that the government must do more to preserve social stability in the face of a "very grim" job outlook.
A rate as high as the government's 4.6 percent target for this year, which was announced ... today, would be the worst since 1980, official data show. Premier Wen Jiabao said yesterday that the government must do more to preserve social stability in the face of a "very grim" job outlook.
(graph courtesy of EconomicDATA)
I have to say the title is a little bit misleading because as you can see from the graph the urban unemployment has been trending higher since early 80s due to structural reform of State-Owned-Enterprises (SOEs). The global financial crisis will certainly increase jobless rate relating to export sectors, but don't scare yourself and blame all to this global recession.
