Employment in the world’s second largest economy remains resilient even as the real-estate sector experiences a severe downturn. “The labor market as a whole appears to be holding up remarkably well,” Capital Economics said in a note. “The figures are particularly encouraging given that rural to urban migration has already peaked.”
Real estate and wider construction is the second biggest source of employment for migrant workers, according to Capital Economics, a group that constitutes nearly a fifth of the population.
Yet, five straight months of falling home prices in a market plagued by excess supply hasn’t weighed on job creation. 10.8 million urban jobs were created in the first nine months of 2014, data released in October showed, up 160,000 on year and meeting the government’s full-year target of 10 million jobs ahead of schedule.