Jobs
China’s Labor Market Seen as Weaker Than Official Data Show
- Cold jobs market generally seen as a source of deflation
- Employers cutting wages for new hires, denting confidence
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China’s labor market is weak and dragging on confidence in the world’s second-largest economy, alternative data show, contrasting with official gauges of employment suggesting a steady jobs picture.
Independent analysis of online job listings and official economic and household surveys indicate the nation’s job market worsened in the third quarter of the year, with some showing softness stretching into October and November. Consumer confidence remains muted and Chinese companies are offering new hires lower salaries.