The jobless rate for individuals aged 16 to 24, excluding students, declined to 16.1% from 17.1% in October, according to the National Bureau of Statistics. Similarly, the unemployment rate for those aged 25 to 29 saw a slight reduction, dropping to 6.7% from 6.8%, while the rate for the 30 to 59 age group remained stable at 3.8%.
The overall national unemployment rate stood at 5% in November, as indicated by data released by the statistics bureau on Monday.
After the youth unemployment rate for 16 to 24-year-olds reached a record high of 21.3% in June of the previous year, China had paused the release of this data for several months. The National Bureau of Statistics resumed publishing this important metric in December 2023, having revised the methodology to exclude students from the figures.
It is important to note that the reported jobless rate does not include individuals who have ceased their job searches, nor does it reflect the unemployment situation in rural areas of China.
This year, China's economic recovery has faced challenges due to weak domestic demand and an ongoing property crisis. However, some officials remain optimistic about achieving the country's growth target of approximately 5% for 2024.
In response to these economic challenges, the government has introduced a series of stimulus measures aimed at strengthening the economy, particularly in light of anticipated external pressures from a potential second Trump administration in the United States next year.
Additionally, Chinese government advisers have suggested that Beijing should maintain a growth target of around 5.0% for the upcoming year, advocating for increased fiscal stimulus to counteract the effects of expected tariff increases on exports.