China's youth unemployment hits record high in May
The mainland's youth jobless rate hit a record high in May, while industrial output and retail sales fell short of expectations, data from the National Bureau of Statistics (NBS) showed on Thursday. Some 20.8 percent of people aged between 16 and 24 were unemployed, up marginally from April, while overall urban unemployment remained at 5.2 percent. But a spokesman for the NBS expressed hope that youth unemployment would ease as the economy picks up.   Meanwhile, industrial output grew by 3.5 percent in May, down from 5.6 percent a month earlier, as manufacturers struggled with weak domestic and global demand. Retail sales, the main indicator of household consumption, rose by 12.7 percent, missing forecasts of a 13.6 percent growth and slowing from 18.4 percent in April.   Weak domestic demand, despite near-zero inflation, is holding back the country's post-Covid recovery.  "All the data points so far sent consistent signals that the economic momentum is weakening," said Zhang Zhiwei, president of Pinpoint Asset Management. (Reuters/AFP, additional reporting by RTHK)