China's Youth Unemployment Hits Record High

China's youth unemployment rate reached a record high of 18.8% in August, marking the highest level since the new data collection method was implemented in December. This rise is attributed to an economic slowdown, restrictive hiring practices, and a record number of college graduates entering the job market, with 11.79 million graduates this year. The jobless figures have increased from 17.1% in July and reflect broader economic challenges, including a 5.3% national unemployment rate. Economists warn that many companies are hesitant to hire due to the costs associated with firing workers if economic conditions do not improve. Historically high youth unemployment is exacerbated by the contraction of key sectors like real estate and finance, which previously offered many opportunities for recent graduates. Analysts suggest that young job seekers are increasingly forced to accept lower-paying jobs or rely on family support as they struggle to find suitable employment.