China unemployment rate near pandemic peak

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Beijing, May 16 | China’s jobless rate rose to 6.1 per cent in April, the highest level since the 6.2 per cent peak seen in the early part of the Covid-19 pandemic in February 2020.

It comes as widening lockdowns led to a sharp slowdown in activity for the world’s second largest economy, the BBC reported.

Official figures also show retailers and manufacturers were hit hard.

Full or partial lockdowns were imposed in dozens of cities in March and April, including a long shutdown of the commercial centre Shanghai, the BBC reported.

Chinese Premier Li Keqiang recently described the country’s employment situation “complicated and grim” following the worst outbreaks of the virus since 2020.

Still, the government aims to keep the jobless rate below 5.5 per cent for this year as a whole.

The rise in unemployment came as lockdowns had an impact across the Chinese economy.

Retail sales saw the biggest contraction since March 2020 as they shrank by 11.1 per cent in April from a year earlier, according to China’s National Bureau of Statistics.

That was much worse than March’s 3.5 per cent drop and missed the economists’ expectations of a 6.1 per cent fall.

At the same time industrial production fell by 2.9 per cent from a year earlier, as measures to stop the spread of the coronavirus had a major impact on supply chains.

That was the largest decline since February 2020 and marked a reversal of the 5 per cent gain in March, the BBC reported.

However, Shanghai on Monday set out plans for the return of more normal life from the start of next month and the end of a lockdown that has lasted more than six weeks and contributed to the sharp slowdown of China’s economy.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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