China’s Conflicting Jobs Data Perplexes Economists

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July 28 (Bloomberg) –- Bloomberg’s Zeb Eckert reports on the latest unemployment figures coming out of China which sees the Human Resources Ministry and the National Development and Reform Commission releasing two different sets of numbers. He speaks to Angie Lau on Bloomberg Television’s “First Up.” (Source: Bloomberg)

It is double the figure of 8.9%. what are you talking about today?

Zeb joins us about jobs.

Industrial production.

Industrial profit, that was the nice number.

National bureau of statistics reported it.

Let's talk about jobs.

There are two different government agencies reporting two different sets of numbers for the same metric.

If you are not confused already we are talking about the jobless rate in china.

Let's round up the jobless rate in the most recent period.

National development and reform commission issuing their own, 5.1%. that suggests between 4% to 5%. that is a huge range of varibility.

Something they are calling out because they say this data, especially with respect to the jobs' market in china is really confusing.

Such a large economy where jobs and joblessness are so important to the communist party's mission understanding where it is very, very important.

What about migrant workers.

We know a lot of them are undocumented.

You know how do they all factor into this broader employment story?

We are talking about 200 million migrant workers.

They are not necessarily counted in the overall numbers.

This number gages the urban labor force.

That is important for fixed income investment and allocating stimulus programs and it is unclear how the government in beijing come to their own calculations.

There are reports that there is a secret number the leadership has to itself in the range of 5%. it goes to the point that china's data is anything but reliable.

Minute you put up a building or bridge that counts at g.d.p. when you finish building it you have to put up another one.

It is not based ongoing consumption.

This text has been automatically generated. It may not be 100% accurate.

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