(Bloomberg) -- China’s youth unemployment rate rose for the second straight month to its highest level this year as the labor market faces a challenging outlook due to a weakening economy.
The jobless rate among people aged 16 to 24 rose to 18.8% in August, according to data released Friday by the National Bureau of Statistics. That’s an increase from 17.1% in July and is 3.5 times higher than the overall unemployment rate. The August figure is also the highest since Beijing changed the youth unemployment methodology in January to exclude students, saying it more accurately reflects the size of the workforce.
The latest reading adds pressure on Chinese authorities after a slew of major economic indicators, ranging from factory output to consumption and investment, all undershot expectations in August.
In a bid to boost the labor market, China unveiled a plan to raise the retirement age for the first time since 1978. Economists said the measure could stem a decline in the labor force but would risk angering workers already wrestling with a slowing economy.
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