China's factory, consumer activity weakens in May, youth unemployment rises
China’s factory and consumer activity weakened further in May and surging unemployment among young people in cities broke the previous month’s record as an economic rebound following the end of anti-virus controls slowed
BEIJING (AP) — China’s consumer and factory activity weakened in May and record-breaking unemployment among young people in cities rose as an economic rebound following the end of anti-virus controls slowed.
Surveys found 20.8% of potential workers in cities aged 16-24 were unemployed, up from April’s previous record of 20.4%, the government reported Thursday.
China’s economic activity rebounded after the ruling Communist Party in December lifted controls that cut off access to major cities for weeks at a time and blocked most international travel. But consumers, uneasy about possible job losses, returned to shops and restaurants less quickly than expected.
“The domestic structural adjustment has mounting pressure and the foundation for the economic recovery is not yet solid,” the National Bureau of Statistics said in a report.
