Tag: unemployment

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Unemployment rate among Chinese youth increased

The Education Ministry had said that although the employment environment is still complicated and arduous, all departments will work together to ensure stable employment…reports Asian Lite News.

Recent Reports released by the National Bureau of Statistics showed that China’s unemployment rate in urban areas has increased in July which is the peak job hunting season for college graduates.

The country’s jobless rate stood at 5.1 per cent in the month of July, up from 5 per cent a month earlier, YICAI reported.

“16.2 per cent of the people aged between 16 and 24 were reported unemployed in July against 15.4 per cent in June,” said Yao Kai and Zhang Chenggang, academics at Fudan University and Capital University of Economics and Business.

The professors also suggested that the “recurrence of the COVID-19, floods and beefed up industry regulation in China are primary reasons behind the increased jobless population in the country.”

A record-high 9 million students are set to graduate from Chinese universities in the year 2021, and to ensure stable employment to all the newbies in the job market could prove to be an arduous task for Beijing.

A few months before this development, China released the data of its seventh national census that showed that the size of the country’s labour force and its proportion of the total population are both continuing to decline. However, experts have pointed out that the employment pressure on young people is still huge.

The Education Ministry had said that although the employment environment is still complicated and arduous, all departments will work together to ensure stable employment.

Experts in the field believe that although China’s working-age population continues to decline, there will be no labour crisis in the short term, and the employment pressure on young people will remain huge.

According to Global Times, since September last year, the Chinese government has been working to secure employment for the graduates-to-be.

The report also said state-owned enterprises are also easing the pressure, adding that major colleges and universities are working in the direction to absorb more graduates who wish to study further, in a bid to ease the employment pressure. (ANI)

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READ MORE-Pak unemployment rates soar despite projected growth

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USA

Workers quitting jobs in US at highest rate in decades

Citing data from the Labour Department, the report said that the share of US workers leaving jobs was 2.7 per cent in April, a jump from 1.6 per cent a year earlier to the highest level since at least 2000…reports Asian Lite News

More Americans are quitting their jobs than at any other time in at least two decades, which added challenges to companies trying to keep up with the economic recovery, a media report said.

“The wave of resignations marks a sharp turn from the darkest days of the pandemic, when many workers craved job security while weathering a national health and economic crisis,” Xinhua news agency quoted The Wall Street Journal report as saying on Sunday.

Citing data from the Labour Department, the report said that the share of US workers leaving jobs was 2.7 per cent in April, a jump from 1.6 per cent a year earlier to the highest level since at least 2000.

While a high quit rate stings employers with greater turnover costs, and in some cases, business disruptions, labor economists said churn typically signals a healthy labour market as individuals gravitate to jobs more suited to their skills, interests and personal lives, according to the report.

Several factors are driving the job turnover. Many people are spurning a return to business as usual, preferring the flexibility of remote work or reluctant to be in an office before the virus is vanquished, it said.

“Others are burned out from extra pandemic workloads and stress, while some are looking for higher pay to make up for a spouse’s job loss or used the past year to reconsider their career path and shift gears,” the report added.

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-Top News Asia News

Pak unemployment rates soar despite projected growth

Pakistan

Sources in the Finance Division claimed that the government’s focus has so far been on sustaining and accelerating the growth momentum….reports Asian Lite News

The number of unemployed people in Pakistan has increased during the COVID-induced lockdowns, indicating that millions are still out of work despite a projected 3.9 per cent GDP growth.

According to an official report, the projected growth of the economy has almost excluded the informal sector in which three of every four people lost their livelihoods between April and July last year, reported Dawn.

Sources in the Finance Division claimed that the government’s focus has so far been on sustaining and accelerating the growth momentum.

Syed Salim Raza, former governor of the State Bank of Pakistan (SBP) and a member of the Economic Advisory Council, said that parts some groups of the informal economy have been more deeply affected than others by the COVID-19 slowdown.

“It is important to identify where the damage has been longer-lasting. Our commercial banks do not really deal with the broad base of the pyramid,” he said.

People walk at a market in eastern Pakistan’s Rawalpindi

According to a report titled “Special Survey for Evaluating Socioeconomic Impact of COVID-19 on Wellbeing of People”, the labour market of Pakistan shrank by 13 per cent in the April-June quarter of 2020, rendering 20.7 million people jobless.

The dissection of the data collected showed that the impact was the gravest in the informal segment in cities where three out of every four people suffered. The low-skilled young workers were hit the hardest, Dawn reported.

“The economic fallout of COVID-19 has been all around, but it is clearly starker among semi-skilled youth and women. The uneven impact reflects harsh, deep-rooted inequities, stemming from structural flaws and class bias in education, employment, housing and healthcare. To lift the miserables from subhuman existence, there is a need to adjust the orientation of public policies to make them people-centric as opposed to corporate-centric. This is a big ask,” commented an analyst.

However, experts watching global labour trends believe that post-COVID-19 readjustments mean that some lost jobs may never reappear as some sectors may shrink permanently and others flourish and expand, Dawn reported. (ANI)

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