Confidence among the Chinese hit a 10-month low, according to Credit Suisse’s latest monthly survey. The Chinese Whispers Economic Outlook Sentiment Index fell to 50 in June, declining for the third straight month.
The monthly survey is given to 200 long-term residents in 61 cities across China.
“Some 22% feel safe about their income and jobs, down 3 pp mum, and another 22% are pessimistic, up 7 pp mum and the highest since our first survey in June 2011, while the remaining 56% are neutral about the economic outlook, down 4 pp compared with last month’s survey,” writes Credit Suisse’s Vincent Chan.
The survey also took a closer look at the job market. 54% of respondents said the current job market is hard, while 5% said it is good.
29% of respondents said someone around them had lost their job. And a higher per cent of the layoffs are in private and foreign companies. 39% of private and foreign company employees said someone around them had been laid off, higher than those in the public sector.
Yet, 47% of respondents said they were happy. This was the highest reading since November, when the question was first introduced into the survey.
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