For most nations employment data takes centre stage — not so in China.
On Monday the nation’s statistics agency, the NBS, quietly released its June quarter unemployment report with most of the detail, unsurprisingly, reflective of a strong, robust economy.
In the six months to June urban employment, akin to non-farm payrolls, surged by more than seven million — reflecting more than 70% of the 10 million jobs target set by the government for calendar year 2015.
According to the Shanghai Daily, the rapid development of the service sector appears to have underpinned the rise in urban employment, just as it did for overall economic growth in the June half. Feng Nailin, a NBS official, noted that an increase of 1% in the sector creates around one million jobs, double the number provided by secondary industry.
In the first half of the year the service sector grew by 8.4%, accounting for 49.5% of GDP in the period.
Feng also said the country’s promotion of mass entrepreneurship had also helped stabilise employment as more people become self-employed. According to data from the NBS, the number of newly-registered enterprises jumped 19.4% from a year earlier to 2.1 million as at the end of June.
Elsewhere the unemployment rate dipped to 5.06% from 5.19% at the end of the March quarter. As is the case with most developed nations, the unemployment rate among college graduates was elevated compared to the national average, coming in at 7.74%.
And proving even China isn’t immune to demographic forces, the size of the nation’s working age labour market, 16 to 59 years, shrunk by 3.71 million last year.
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