The Magazine for Asian Investors
China’s National Bureau of Statistics (NBS) reported today that the unemployment rate in China’s urban areas was 5.8% in March, down from 5.5% in February.
The rising unemployment rate reflects that the Chinese economy is affected by lockdown measures to contain the spread of COVID-19, particularly the lockdown of Shanghai, China’s financial center.
In the first quarter of 2022, the unemployment rate in China’s urban areas was 5.5%, and the number of new jobs was estimated at 2.85 million.
According to the NBS report, the unemployment rate in China’s 31 major cities was 6% in March.
The NBS calculates the urban unemployment rate based on the number of unemployed citizens. These citizens participated in urban employment surveys that included migrant workers.