Wednesday, January 21, 2009

Chinese Unemployment Projected at 30 Year High

Some more bad news ahead of tomorrow's Chinese GDP release. Bloomberg (hat tip Naked Capitalism) reports :

China’s official urban unemployment rate jumped for the first time since 2003 and may climb to an almost 30-year high as exports slump and a slowdown deepens in the world’s third-biggest economy.

A rate as high as the government’s 4.6 percent target for this year, which was announced by Yin today, would be the worst since 1980, official data show. Premier Wen Jiabao said yesterday that the government must do more to preserve social stability in the face of a “very grim” job outlook.