China’s urban employment fell for the first time in six decades last year and per capita spending also marked a rare decline, as harsh COVID-19 curbs ravaged the world’s second-biggest economy, reports Reuters.
The new data from the National Bureau of Statistics also showed the smallest income growth in more than three decades. The number of China’s urban jobs dropped by 8.4 million to 459.31 million, the first drop since 1962.
“The decline of the urban labour force reflects the severe economic challenge China faced last year,” Zhiwei Zhang, president at Pinpoint Asset Management, wrote in a note to clients.
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