- Indicator based on data from employment website Zhaopin.com
- Technology hiring demand far outstrips supply of applicants
A private job gauge in China rebounded in the second quarter as the country’s economy stabilized and its working-age population shrank, while technology and financial companies stepped up hiring.
The employment demand-to-supply ratio climbed to 1.93 in the second quarter from 1.71 in the prior three months, according to a report released by the Beijing-based China Institute for Employment Research and Zhaopin.com on Thursday, signaling more vacancies are available for each job seeker. The indicator is based on data from Zhaopin.com, one of China’s major recruitment websites.
The result contrasts with an official ratio that softened slightly in the second quarter. The official jobless rate has been almost unchanged for five years, leaving investors and researchers seeking other indicators that can serve as more sensitive economic gauges.
The institute’s gauge shows the internet and e-commerce sector has the highest demand for workers, with 11.5 openings available for each job seeker, followed by the financial sector with 4.2 vacancies for each seeker. Companies with fewer than 20 employees were responsible for 31 percent of labor demand, according to the report.
— With assistance by Xiaoqing Pi, and Miao Han