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Economics
Indicators

Hiring at China’s Small Firms Fails to Pick Up from Record Low

  • Situation for blue-collar jobs near the worst since 2016
  • Jobs that declined most are related to property, construction

Hiring activities by China’s smaller companies were near a record low last month, underscoring how the slump due to a property downturn and Covid Zero controls is hitting firms which are the backbone of the economy. 

The ‘Blue Collar’ Job Index for small and medium-sized businesses, which are mostly in manufacturing and services, showed little improvement in the third quarter after hitting an all-time low of 0.3 in June, according to the Beijing-based China Institute for Employment Research. That means there’s more than three times as many applicants as there are jobs available.