China’s unemployment picked up moderately in July

August 18, 2024

China’s unemployment rate rose to 5.2% in July against 5% in every of three last months before. The indicator has been steadily sliding from the top at 6.1% in December 2022 to the bottom at 5% in September 2023. Since then it has been forming a double bottom pattern which if works out can lead to rising in the number of unemployment people. This scenario is rather negative for the economy struggling with dismal consumer confidence resulting in slowdown in economic activity.
⭐️Summary:
Picking up in unemployment is still rather weak, however if it gives the start for uptrend the consumer confidence will get worsen more which is a negative scenario for the economy.