China's job market remains stable in Oct with unemployment rate unchanged at 5.5%: NBS
Published: Nov 15, 2022 12:47 PM Updated: Nov 15, 2022 12:42 PM
employment Photo: VCG

employment Photo: VCG

China' s employment remained stable in October thanks to the continuous support from policies targeting to stabilize the sector, official data from the National Bureau of Statistics (NBS) showed on Tuesday.

The surveyed urban unemployment rate remained unchanged at 5.5 percent in October from September, while average surveyed urban employment stood at 5.6 percent in the first 10 months of 2022, per NBS data.

Despite downward economic pressure, targeted policies aimed at stabilizing employment have continued to take effect and the employment situation has remained basically stable, Fu Linghui, a spokesperson from the NBS said during a Tuesday press briefing.

A stable labor market reflects the nation's economic fundamentals which also remain steady, after being boosted by supportive policies, Li Changan, a professor at the Academy of China Open Economy Studies of the University of International Business and Economics, told the Global Times on Tuesday.

The unemployment rate for people aged 16-24 and 25-59 stood at 17.9 percent and 4.7 percent respectively, remaining flat compared with the previous month, according to NBS data.

As the economy recovers, the national urban employment rate in the third quarter came in at 5.4 percent, down 0.4 percentage points from the previous quarter, reflecting that the country's overall employment situation has improved significantly, Fu noted.

Looking forward, Li expected that the labor market will remain stable as the economy picks up, while challenges and uncertainties still linger affected by the sporadic COVID-19 outbreaks.

Chinese authorities have ramped up supportive measures for people affected by the epidemic, pledging to strengthen temporary assistance with financial subsidies for uninsured people and those facing basic living difficulties, including people affected by the epidemic situation.

Global Times