China: Urban jobless rate moves up in July

Beijing: China is witnessing an increase in unemployment rate in July as more and more college students hunt to find jobs in the nation.

More than nine million college students graduated in June and July to seek jobs, so the unemployment rate for those aged between 16 and 24 was 16.2 percent, versus 15.4 percent at the end of June, according to Yao Kai and Zhang Chenggang, academics at Fudan University and Capital University of Economics and Business. Taking into account the impact of the pandemic and natural disasters, tighter industry supervision, weaker consumption and foreign trade growth, there is a lag in reflecting declining job numbers in July’s figures, Zhang told the news portal.