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Mainland Jobless Rate for Ages 25-29 Rises to Record 7.7% in Mar; Citi Says Broad AI Adoption a Drag
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Bloomberg reported that the latest official data released in China this week showed the unemployment rate for those aged 25 to 29 in the Mainland climbed to 7.7% in March, up from 7.2% a year earlier. It also marked the highest level since the National Bureau of Statistics adjusted its employment data more than two years ago and classified this age group as a standalone category. The data reflect seasonal pressures amplifying the spillover effects of the Iran war, while the widespread adoption of artificial intelligence has increased employment risks. During the period, the unemployment rate for young people aged 16 to 24 also rose to nearly 17%. Citi noted that young job seekers must contend with Chinas broad but still partial adoption of AI. This labor transformation ultimately threatens the livelihoods of an estimated 70 million domestic workers. Although it remains unclear whether the rise in the unemployment rate is a seasonal fluctuation or the beginning of a sustained uptrend, Citigroup warned, based on its survey of 1,800 respondents in March, that China may be approaching a tipping point in AI adoption. In a report last week, Citi stated that while formal workplace applications of the technology remain limited, AI-driven labor substitution is adding structural headwinds to the already weak consumer economy. (mn/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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