China youth unemployment rate hits record 20.8% in May: Official data

China announced a string of dismal economic statistics on Thursday, with youth unemployment reaching a new high for the second month in a row as the economy’s post-Covid growth boom fades. The unemployment rate for Chinese between the ages of 16 and 24 rose to 20.8 per cent, up from what was already a record 20.4 per cent in April, the National Bureau of Statistics said. Overall urban unemployment remained at 5.2 per cent, the NBS said in a statement. Meanwhile, industrial production rose 3.5 per cent in May, down from 5.6 per cent a month earlier, as factories gradually returned to full capacity. Retail sales, the main indicator of household consumption, rose by 12.7 per cent on-year compared with 18.4 percent a month earlier. Weak domestic demand, despite near-zero inflation, is holding back China’s post-Covid recovery. “All the data points so far sent consistent signals that the economic momentum is weakening,” Zhiwei Zhang, president of Pinpoint Asset Management, said in a note on Thursday. With inputs from agencies Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook _,_  Twitter  and  Instagram _._