China jobless rate decreases to four-month low in October

China's surveyed unemployment rate fell to 5% in October 2024, down from 5.1% in September and marking the lowest level in four months.

China jobless rate decreases to four-month low in October

The jobless rate for local residents decreased by 0.1 percentage points to 5.1%, while non-local registrants had a rate of 4.8%, and non-local agricultural workers stood at 4.7%. In 31 major cities, the urban unemployment rate remained at 5%. On average, employees worked 48.6 hours per week. From January to October 2024, the average unemployment rate was 5.1%, a decrease of 0.2 percentage points compared to the same period last year.

Fixed-asset investment grew

China's fixed-asset investment grew by 3.4% year-on-year in the first ten months of 2024, slightly missing market expectations of a 3.5% increase. Investment in the secondary sector remained robust at 12.3%, driven by growth in mining (13.2%), manufacturing (9.3%), and electricity, heat, gas, and water production (24.1%). Meanwhile, investment in the primary sector rose by 2.5%, and the tertiary sector saw a 4.3% increase. However, real estate investment continued to decline, falling by 10.3% year-on-year. On a monthly basis, fixed-asset investment grew by 0.16% in October, slowing from a 0.54% rise in September.