China's Youth Unemployment Rate Hits New High in August

China's youth unemployment rate rose to 18.8% in August, the highest since last December. The statistics bureau attributed the increase to new graduates entering the job market. Economic indicators suggest the country's growth momentum slowed in August, putting it at risk of missing its annual growth target.

China's youth unemployment rate surged to 18.8% in August, marking the highest level since last December, according to the statistics bureau. This rise coincides with new graduates entering the job market, adding pressure on policymakers to take urgent action.

The unemployment rate for individuals aged 16 to 24, excluding college students, increased from 17.1% in July. The slowdown in economic growth in August poses a risk to China's annual growth target of around 5%.

China resumed publication of youth unemployment data last December after excluding college students from the survey pool. The highest level recorded before the revision was 21.3% in June last year. Other age groups also saw a rise in unemployment, exacerbating economic challenges.

The national survey-based unemployment rate climbed to 5.3% in August from 5.2% in July. This increase is attributed to the graduate season, with a record 11.79 million college graduates this year.

(With inputs from agencies.)