Jobs
China Job Market Prospects at Record Low as Economy Slows
- PBOC’s employment sentiment index plunges to lowest since 2010
- Survey also shows weak prospects for housing market recovery
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Chinese residents are experiencing the worst job market prospects on record amid a sharp slowdown in the economy, a worrying sign for officials as the Communist Party prepares to hold a key political meeting next week.
The central bank’s Employment Sentiment Index, based on a survey of households’ outlook for jobs, declined to 35.4 in the third quarter, the lowest level since data began in 2010, according to a report published by the People’s Bank of China on Sunday. Figures below 50 represent a contraction in the sector.