With the economy in a funk and deflation settling in, many people are having to settle for jobs beneath their skill levels, often with reduced pay. Officially, the unemployment rate in Chinese cities was 5.1% in December. While that is higher than the U.S. unemployment rate of 3.7%, it is still relatively low, and better than the full-year average rate of 5.6% in 2022. Officials came back with a new youth unemployment rate of 14.9% in December, but economists voiced skepticism about its accuracy. Chinese officials have expressed deepening concern about the economic situation, and taken steps to revive growth, including cutting interest rates.

Source: Wall Street Journal January 27, 2024 16:50 UTC