China Urban Youth Unemployment Rate Falls

(RTTNews) - China's urban youth jobless rate declined in October but the overall rate remained high with more people entering the labor market amid companies aiming to cut cost, the Chinese media reported Tuesday.

The jobless rate among young people aged between 16 and 24, excluding students, dropped to 17.3 percent in October from 17.7 percent in September, reports said citing the National Bureau of Statistics.

The unemployment rate for those aged between 25 and 29, came in at 7.2 percent, the same rate as in September.

The overall urban jobless rate eased slightly to 5.1 percent in October from 5.2 percent in the previous month.

In the third quarter, the Chinese economy logged a slower growth of 4.8 percent. However, through the first three quarters of the year, the economy grew 5.2 percent driven by strong industrial production. The figure was stronger than Beijing's full year growth target of around 5 percent.