The surveyed jobless rate in China's November data moved up to 5%
- average number of hours worked per week fell to 47.8 from the record 48.6 in October
While hours worked fell they did so from record highs, which takes some of the stoing out of the drop. However, the unemployment rate for 16-24 year old s also inched higher, to 14.3% from 14.2%.
ANZ remarks (via Bloomberg):
- Domestic consumption remains weak with retail sales disappointing
- The incremental increase in the jobless rate is concerning. The authorities should pledge more support and offer a stronger signal to the market
