China Urban Unemployment Still 4.1 percent

China’s urban registered unemployment rate stood at 4.1 percent at the end of September, the same level as at the end of the second quarter of 2012, according to figures revealed by the Ministry of Human Resources and Social Security (MOHRSS) on Thursday.

This was lower than the officially set ceiling of 4.6 percent this year.

China created 10.24 million new jobs in urban areas in the first nine months, exceeding the annual target of 9 million for this year, MOHRSS spokesman Yin Chengji said at a press conference in Beijing.

A total of 4.32 million laid-off workers got re-employed in urban areas during the January-September period, meeting 86 percent of the annual target to have 5 million unemployed workers move back into jobs, Yin said.

He added that the ministry will continue to prioritize boosting employment and unveil more supportive measures for labor-intensive sectors and small and medium-sized enterprises, major forces in creating jobs.

via Xinhua

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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