The WSJ reports that due to Chinese regulatory clampdowns on firms in the technology, education and property sectors job losses are mounting.
And that this is particularly painful for the economy as these sectors tend to have higher pay levels, helping to drive consumer buying and hence economic growth.
The Journal notes:
- Video-streaming services are cutting staff.
- Companies that offer tutoring are reducing teachers and shutting down apps
- real-estate agents have been let go as China’s housing market slows
Here is the link to the piece, (may be gated) .
The latest jobs data from China is not ringing alarm bells. There have been doubts cast over the veracity of Chinese data in the past.