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<ul class="summary-list"><li>One in three Americans ages 18 to 24 have no income, according to a new report.</li><li>Younger Americans are also increasingly depressed and not enrolling in college.</li></ul><keyword id="20071878" type="General" weightage="20" keywordseo="gen-zers" source="keywords">Gen Zers</keyword> might be reshaping the <a target="_blank" href="https://www.businessinsider.com/gen-z-job-satisfaction-unhappy-work-salary-promotion-loyalty-2024-2">world of work</a> — but only if they <a target="_blank" href="https://www.businessinsider.com/gen-z-viral-corporate-work-job-satisfaction-survey-2023-12">have a job</a>. And, for many, that might not be the case. <a target="_blank" href="https://www.stlouisfed.org/institute-for-economic-equity/state-of-economic-equity/challenges-opportunities-advancing-economic-security-us-young-adults">New research</a> from the St. Louis Federal Reserve's Institute for Economic Equity delved into the <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-job-market-unemployment-rate-economy-career-news-2024-3">challenges</a> young people aged 18 to 24 are experiencing in today's economy. They found that more than one in three have no income at all. In particular, the researchers looked at a group dubbed "<keyword id="21189401" type="General" weightage="20" keywordseo="disconnected-youth" source="Orion">disconnected youth</keyword>," who aren't workingand are also <a target="_blank" href="https://www.businessinsider.com/gen-z-value-of-college-higher-education-student-debt-tuition-2023-12">not in school</a>. As of 2022, disconnected youth comprised 13% of this age group; that share has been rising overall since 1998, according to calculations from the <a target="_blank" href="https://www.dallasfed.org/cd/communities/2023/2303">Federal Reserve Bank of Dallas</a>. To be sure, many young people don't yet have an income because they are still in school and living off loans or family assistance. But for those who are not, the lack of income could hurt <keyword id="19919711" type="General" weightage="100" keywordseo="gen-z" source="keywords">Gen Z</keyword>'s ability to save money for retirement or make bigger purchases down the road. It also can take a toll on their mental health, weighing them down as they try to progress in a tough economy. <h2>Younger Americans are facing <keyword id="3788013" type="General" weightage="20" keywordseo="stagnant-incomes" source="Orion">stagnant incomes</keyword></h2>The Dallas Fed <a target="_blank" href="https://www.dallasfed.org/cd/communities/2023/2303">found</a> that, even after a post-pandemic dip, the rate of disconnected youth has increased since the end of the 1990s. At the same time, <a target="_blank" href="https://www.businessinsider.com/gen-z-value-of-college-higher-education-student-debt-tuition-2023-12">college enrollment rates have been dropping</a> as younger Americans contemplate whether <a target="_blank" href="https://www.businessinsider.com/college-enrollment-declining-student-debt-job-market-politics-2023-3">continued education is worth it</a>, especially amidst the ballooning student debt crisis. For many Gen Zers, <a target="_blank" href="https://www.businessinsider.com/gen-z-value-of-college-higher-education-student-debt-tuition-2023-12">staying in school</a> isn't important to them. A lack of income has weighed on many young adults' ability to build wealth. For young adults, the median household had a net worth of just $11,200 in 2022 according to the St. Louis Fed's analysis of the Federal Reserve's Survey of Consumer Finances, way lower than the typical US adult household at $192,100. Entering adulthood without a job or any source of income can have significant implications for young adults later in life. For example, as the research explained, a lack of financial stability means a lack of savings — they won't be able to put money into retirement and "invest in their futures," either by buying a home or starting a business. That comes as their millennial and Gen X peers are already staring down a <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-social-security-pensions-student-loan-debt-2024-3">looming retirement crisis</a>, as student loans eat up savings and pensions are replaced with income and market-based retirement plans. And the number of young adults with no income has been on the rise; in 1990, around one in five young adults said they had no wage or salary income. As of 2022, it's over one in three, according to the new St. Louis Fed study. "This is striking because the labor market in 2022 was the strongest on record, and yet real incomes inclusive of zero-wage young adults remained essentially unchanged as this group made up an increasing proportion of the young adult population," the St. Louis Fed report said. Inflation-adjusted incomes for Gen Z, among those with any income, have risen somewhat over the last five decades, though even excluding non-earners, young people have seen more stagnant incomes compared to all adults. Struggling to hold down stable employment can negatively impact mental health, and rising healthcare expenses have made it even more difficult for many younger Americans to get the care they need. While young adults and older adults had similar rates of depression through 2017, a gap opened up after that point and by 2022 young Americans were much more likely to report depression than older adults, according to the St. Louis Fed's analysis of the National Health Interview Survey. <h2>The rise of disconnected youth is making historical inequities worse</h2>White young adults have a median net worth that is about triple that of Black and Hispanic young adults, despite relatively similar median incomes, due to the racial wealth gap.Achieving more equitable wealth outcomes could drive economic growth, given that more people could afford homes or pay off debts. "The report confirms that even during the tightest labor market since World War II, there is a limit to economic growth's ability to reduce 'structural' unemployment that many young Blacks and Latinos face, plus a growing number of young whites," William M. Rodgers III, director of the St. Louis Fed's Institute for Economic Equity, told BI in an email. That comes after young people were some of the first to <a target="_blank" href="https://www.businessinsider.com/coronavirus-pandemic-layoffs-exacerbated-inequality-unemployment-women-young-workers-minorities-2020-5">lose their jobs and incomes</a> in the fallout from the pandemic. The <a target="_blank" href="https://fred.stlouisfed.org/series/LNS14000012">unemployment rate</a> for 16 to 24-year-olds spiked to 27.5% in April 2020. After dropping in the wake of pandemic rehiring, that rate has picked back up to pre-pandemic trends — and also doesn't reflect those who are not actively looking for work. The report mentions that these deepening disparities point to interventions such as improving access to community college and vocational training, creating more apprenticeship roles, and investing money and attention into structural barriers such as the criminal justice system and mental health. "The research affirms the importance of investing in young people's physical and mental health. Otherwise, the economy can't operate at its highest potential today or into the future," Rodgers said. Are you or were you a "disconnected youth," or supporting one? Contact these reporters at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>, <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a>, and <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>. Correction: April 3, 2024 — This story has been updated with a more accurate description of the St. Louis Fed's analysis of depression rates among younger and older Americans.

Meet the 'disconnected youth': A growing group of Gen Zers who aren't working or going to school

Each year, the Indian Union Budget holds the nation's economic pulse. In 2024, the focus was razor-sharp: catalysing the <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> and bridging the ever-widening skill gap, as the <keyword id="19916979" type="General" weightage="20" keywordseo="unemployment" source="keywords">unemployment</keyword> figures kept upward trajectory and dissatisfaction over government’s measures grew among the younger demographic. As a response, <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">budget 2024</keyword> unveiled a meticulously crafted strategy, a multi-pronged attack to empower India's youth. The Union Budget 2024-2025 intends on focussing on youth and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, prompting Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to allocate Rs. 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, employment and <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>. Further, Modi 3.0’S budget includes 5 schemes to provide opportunities to 4.1 crore youth with a central outlay of Rs. 2 lakh crore over a period of the 5 years. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div><h2>Nirmala Sitharaman announces 3 schemes for employment linked incentives:</h2><ul><li>Scheme A (First-timers): This will benefit first-time employees, providing one month’s wages to new entrants in all formal sectors. As per Sitharaman, Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth.</li><li>Scheme B (Job creation in manufacturing): This will provide incentives to both employees and employers for the first 4 years of employment under EPFO guidelines. It is expected to benefit 30 lakh youth and will cover additional employment across all sectors.</li><li>Scheme C (Support to employers): This will support employees with additional employment in all sectors by reimbursing employers up to ₹3,000 per month for two years for each additional employee's EPFO contributions. The scheme aims to incentivise the employment of 50 lakh additional people.</li></ul><h2>Improving participation of women in workforce</h2>As a part of Budget 2024-2025, Nirmala Sithraman announced that Modi 3.0 will focus on improving women participation in the workforce. The Government will focus on increasing women participation in the workforce. Some measures that will be taken include setting up hostels and creating partnerships to organise women-specific skilling programs and women self-help groups. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime" mstype="2" mssubtype="0"></div> <h2>Additional incentives for employment </h2>Sitharaman announced the launch of a scheme where 500 top companies will provide internship opportunities to one crore youth in five years. Internship allowance of Rs. 5000 per month along with one-time assistance of Rs. 6000 to be provided, the Finance Minister also said that the companies will be expected to earn the training cost and 10% of the internship cost from their CSR funds. According to Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, this “significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce. Integrating on-the-job training (OJT) as a mandated component of degrees, in collaboration with industry partners, allows students to gain invaluable practical experience, even if the training is not necessarily on-site.” “This initiative is a welcome move towards formal job creation, bridging the gap between theoretical education and real-world application, making graduates more job-ready.” <h2>Focus on skilling</h2>The Finance Minister said that the model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh. Further, a new scheme focussing on skilling will benefit 20 lakh individuals and ensure the set up of 1,000 training institutes and newly designed courses. <h2>Education loans</h2>The Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year with interest subvention of 3% of loan amount, said FM Sitharaman. Meanwhile, in the Interim Budget detailed in February 2024, Finance Minister Nirmala Sitharaman highlighted a notable increase in higher educational institutes and women enrolling in STEM courses over the past decade, attributing these improvements to the National Education Policy (NEP) 2020. Further, contrary to expectations, funding for the University Grants Commission (UGC) was reduced by 60.99%, dropping to Rs. 2,500 crore from the previous year's revised estimate of Rs. 6,409 crore. Meanwhile, grants for central universities were increased by over Rs 4,000 crore, with a total allocation of Rs 15,928 crore for the financial year 2024-25. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a> <a href="https://www.businessinsider.in/budget/news/govt-to-provide-11-11-lakh-crore-towards-capex-for-2024-25/articleshow/111950700.cms" data-type="tilCustomLink" target="_blank">Govt to provide ₹11.11 lakh crore towards capex for 2024-25</a>

Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!

The Indian <keyword id="21219153" type="General" weightage="20" keywordseo="employment-market" source="keywords">employment market</keyword> is projected to experience a 6.33% incremental expansion over the first half of FY 2024-25, according to a report by TeamLease. The report highlighted that 56% of employers expect their workforce to grow, 21% anticipate a decline, and 23% believe their workforce size will remain unchanged. The report provided a detailed analysis of the <keyword id="21680463" type="General" weightage="100" keywordseo="Indian-job-market" source="keywords">Indian job market</keyword> across 23 industries and 20 cities. It highlighted workforce expansion trends, emphasizing the impact of <keyword id="20509550" type="General" weightage="20" keywordseo="economic-conditions" source="keywords">economic conditions</keyword>, organizational dynamics, skill shortages, and <keyword id="20358462" type="General" weightage="20" keywordseo="technological-advancements" source="keywords">technological advancements</keyword> on hiring strategies. The growth in the employment market is attributed to the favourable economic conditions in the country, including a nearly 7% GDP growth forecast for 2024 by most global rating agencies, which would make India the fastest-growing G-20 nation. Strong investment demand, peaking headline inflation, and a greater emphasis on technology and skills by employers are also key factors. In terms of cities, Delhi, Bangalore, and Hyderabad emerged as the top cities with the highest proportion of employers expanding their workforce sizes. These cities attract businesses due to their established infrastructure, large talent pools, and economic vitality. The consistent preference for these major cities underscores their significance as job concentration hubs, despite the growing trend of expansion into new locations. These urban centres play a strategic role in driving employment growth and economic development in India. The report also noted that nearly two out of five organizations are focusing on bridging skill gaps, highlighting a shift towards a more adaptable and skilled workforce in preparation for technological advancements and new skills. The report said that Generative AI (<keyword id="19949719" type="General" weightage="20" keywordseo="GenAI" source="keywords">GenAI</keyword>) is particularly noteworthy, as it has the potential to transform key business processes, impacting workforce dynamics and reshaping talent management. In response, 35% of surveyed organizations reported significant changes in their talent acquisition strategies to integrate advanced AI technologies. On the unemployment front, the report stated out that a significant portion of the unemployed workforce, nearly 83%, consists of youth aged 15-29. Over the past two decades, there has been a significant increase in the educational attainment of these unemployed youths. The proportion of those with at least secondary education rose from 35.2% in 2000 to 65.7% in 2022, indicating a rising educational profile among the unemployed. However, the national <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has progressively decreased, falling to 3.1% in 2023 from 3.6% in 2022 and 4.2%in 2021. The unemployment rate in urban areas also decreased from 7.2% to 6.5% for persons aged 15 years and above between October-December 2022 and October-December 2023. The <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> in India is experiencing rapid growth, with the number of gig workers projected to rise from 7.7 million in 2020 to 23.5 million by 2029-30, demonstrating a compound annual growth rate (CAGR) of almost 12%. The distribution of gig work across skill levels includes 47% in medium-skilled jobs, 22% in high-skilled jobs, and 31% in low-skilled jobs, highlighting the diverse opportunities within this sector. In the media &amp; entertainment industry, digital transformation and changing consumer preferences are driving 48% of employers towards <keyword id="22204807" type="General" weightage="20" keywordseo="workforce-growth" source="keywords">workforce growth</keyword> in the first half of FY 2024-25. However, the other half of the industry faces turbulence and uncertainty.

Maximum employers expect their workforce to grow in first half FY 2024-25, says Teamlease report

Former <keyword id="19904807" type="General" weightage="20" keywordseo="Haryana" source="keywords">Haryana</keyword> Chief Minister Bhupinder Singh <keyword id="20201620" type="General" weightage="20" keywordseo="hooda" source="keywords">Hooda</keyword> on Tuesday said that <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>' plight, <keyword id="21440881" type="General" weightage="20" keywordseo="Agnipath" source="keywords">Agnipath</keyword>, <keyword id="19916979" type="General" weightage="100" keywordseo="unemployment" source="keywords">unemployment</keyword>, <keyword id="19938433" type="General" weightage="20" keywordseo="law-and-order" source="keywords">law and order</keyword>, and <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> were key issues which the ruling <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> failed to address. As the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> appeared set to wrest five Lok Sabha seats from the ruling BJP in Haryana, Hooda said that he had been saying "there is a wave blowing in favour of the Congress". "You asked me about exit polls predicting most seats to the BJP, to which I said wait for the actual poll results on June 4," the Congress veteran said. Haryana is known for "jai jawan, jai kisan, jai pehalwan". "But what did they (BJP) do. They brought Agniveer (Agnipath scheme), which faced opposition from the youth. They did not redress farmers' issues. And everyone knows the treatment that was meted to our wrestler daughters, who had to protest (at Delhi's Jantar Mantar)," he said. Hooda said that unemployment increased in the state during the BJP rule while the law and order situation also deteriorated. He claimed that the Congress' performance in the <keyword id="19912155" type="General" weightage="20" keywordseo="Lok-Sabha-polls" source="keywords">Lok Sabha polls</keyword> in the state will have an impact on the Vidhan Sabha elections, which are due in October. "This is clear indication that people of Haryana have made up their mind to bring the Congress to power in the Assembly polls," Hooda claimed. Referring to the Lok Sabha polls, Hooda said people have supported the Congress. The Congress leader said that he had been maintaining that BJP will be "wiped out in south, halved in north" "Look at Haryana and Rajasthan...People have given us good support," he added. On the BJP's claims that NDA will win 400 seats this time, Hooda said, "I had been saying that it was a mere slogan. In Haryana too, in the 2019 Assembly polls, the BJP had given slogan of 'Abki baar 75 paar' (claiming to win 75 of the 90 seats). Everyone knows how many seats they later won. (BJP had won 40 seats)." Hooda said that he had maintained that it will be a direct fight between the Congress and BJP in Haryana in the Lok Sabha polls. "I had been repeatedly saying that it is going to be a direct fight between the Congress and BJP. And that has been proved," said Hooda. "The people have rejected the 'vote katu' (vote cutters) outfits," he added referring to the JJP and INLD. Going by the trends available late afternoon, the Congress appeared on course to win Ambala, Hisar, Rohtak, Sirsa and Sonipat seats. The grand old party had contested nine of the ten Lok Sabha seats leaving the Kurukshetra seat to its INDIA bloc ally AAP. AAP's Sushil Gupta, was, however, behind BJP's Naveen Jindal from the seat.

BJP failed to address key issues like inflation and unemployment, says Bhupinder Hooda

Terming the state budget as "revolutionary," Maharashtra Chief Minister Eknath <keyword id="20040955" type="General" weightage="20" keywordseo="shinde" source="keywords">Shinde</keyword> said that this budget in a true sense empowers women, youth, and farmers through various schemes worth Rs 1 lakh crore. He said that this budget is revolutionary and would make the future of weaker sections, farmers, and youth bright. Stating that the budget was a resolve to give a new direction to Maharashtra, <keyword id="20062947" type="General" weightage="20" keywordseo="CM-Shinde" source="keywords">CM Shinde</keyword> said that this budget has an "unending chant of the <keyword id="22227448" type="General" weightage="20" keywordseo="development-of-Maharashtra" source="keywords">development of Maharashtra</keyword>". Deputy Chief Minister and Finance Minister <keyword id="19941791" type="General" weightage="20" keywordseo="Ajit-Pawar" source="keywords">Ajit Pawar</keyword> on Saturday presented the additional budget for the year 2024-25 in the state assembly. The Finance Minister had presented the interim budget in February. Stating that the budget has important provisions to help women and unemployed youth to stand on their own feet, the Chief Minister said that "Chief Minister Majhi Laadki Baheen scheme, free vocational education to girl students, Chief Minister Annapoorna scheme which gives 3 cylinders per year to eligible families, project worth Rs 15 thousand crores for providing free electricity to farmers during day time, Chief Minister Baliraja electricity concession scheme which provides free power to farmers using agricultural pumps, training to 50 thousand youth every year to convey government schemes to masses and resolve to remove poverty of the weaker sections of the society have made this budget special." He said that provisions like free education to girl students for engineering, pharmacy, and medical education along with degree and diploma courses along with Rs. 1500 per month to every woman prove that the government has expressed its responsibility towards women of the state. Stating that the budget proves that it stands behind the farmers, Chief Minister Shinde said that the issue of food-grain storage would be resolved through schemes like Godown per village. He said that the lives of farmers would be transformed through various provisions in the budget which include financial assistance to cotton and soybean growers, special campaigns to complete irrigation projects, and solar pumps on demand. Pointing out that the decision to celebrate the coronation of <keyword id="19966480" type="General" weightage="20" keywordseo="Chhatrapati-Shivaji-Maharaj" source="keywords">Chhatrapati Shivaji Maharaj</keyword> through a ceremony every year at Fort Raigad is important, the Chief Minister said that other decisions include recommending the annual Pandharpur pilgrimage for the UNESCO World Heritage along with the rock sculptures in Konkan, Dahi Handi celebration are efforts towards the preservation of history and culture of the state. He said that the budget provides Rs 20,000 to every Dindi (the troops participating in the annual Pandharpur pilgrimage) and it has made the announcement of making arrangements for medical treatment of pilgrims through the Chief minister's medical relief cell and provision for Nirmal Waari show commitment towards the annual pilgrim and Warkari sect. He said that a separate Warkari Mahamandal or separate Corporation for the annual pilgrims would be set up. Stating that massive investment would be made in priority sectors and the <keyword id="21313056" type="General" weightage="20" keywordseo="green-hydrogen-sector" source="keywords">green hydrogen sector</keyword>, he said that it would generate employment in a big way. He said that the chief minister's youth training scheme would impart training to ten lakh youngsters every year and a centre of excellence would be established in ITI's which would benefit the youngsters. Stating that the Sanjay Gandhi Niradhar scheme and Shrawan Bal seva state pension scheme assistance would be raised are strong steps CM Shinde said that providing for housing of various sections of society, Anand Dighe housing scheme for differently abled amply proves that the state government is taking strong steps towards removing the poverty in the state. The chief minister said that Metro routes worth 449 Kms in Mumbai, Pune, and Nagpur along with 23 thousand kilometer road stretch works under Chief Minister Gram Sadak scheme, construction of buildings of village Panchayats under Balasaheb Thackeray memorial Matoshree Gram Panchayat scheme, PM e-bus scheme in municipal corporation areas and other infrastructure works would be undertaken in a big way which would result in speedy development of the state. The monsoon session of the Maharashtra Assembly began on Thursday (June 28) and will go on till July 12. This is the last legislative session before the state assembly polls, in the next four months.

Budget resolves to give new direction to Maharashtra: CM Shinde

<ul class="summary-list"><li>Lottery ticket sales in China rose 53.6% in August from a year ago, finance ministry data shows.</li><li>That coincides with high youth unemployment, which stood at 21.3% when last reported in June.</li></ul>Chinese lottery ticket sales are surging as the country's consumers look to gain some financial luck amid this year's economic gloom.Sales hit 52.96 billion yuan ($7.25 billion) in August, marking the biggest month of the year and a 53.6% jump from a year ago, according to finance ministry data cited by state-run media and <a href="https://www.reuters.com/world/china/chinas-lottery-ticket-sales-soar-amid-weak-economy-job-prospects-2023-09-30/?utm_campaign=What%20I%20Am%20Reading&amp;utm_medium=email&amp;_hsmi=276439718&amp;_hsenc=p2ANqtz-8BbW2aiVbG2eCoQEzRugN4wQ8BPpCL36mRj4gEHaZZu3p_R8Tgcx6eEfkuGOpkcr_pEeSm3GpF63huqkbek2BxVXUNgg&amp;utm_content=276439718&amp;utm_source=hs_email" target="_blank" rel="noopener">Reuters</a>.And in the first eight months of 2023, around $52 billion worth of tickets were sold, a 51.6% increase from the previous year.The surge in lottery sales came as China's growth has largely sputtered through this year, despite Wall Street hopes for massive growth.After a first-quarter bounce from the lifting of strict COVID restrictions, consumers and businesses pulled back sharply, while Beijing has made piecemeal attempts to stimulate growth to avoid adding to the country's high debt loads.Faced with this environment, job prospects have been considerably slim for China's young, with youth unemployment standing at 21.3% in June, when the data was last made available. Beijing authorities have since stopped publishing the metric.According to <a href="https://www.reuters.com/world/china/chinas-lottery-ticket-sales-soar-amid-weak-economy-job-prospects-2023-09-30/?utm_campaign=What%20I%20Am%20Reading&amp;utm_medium=email&amp;_hsmi=276439718&amp;_hsenc=p2ANqtz-8BbW2aiVbG2eCoQEzRugN4wQ8BPpCL36mRj4gEHaZZu3p_R8Tgcx6eEfkuGOpkcr_pEeSm3GpF63huqkbek2BxVXUNgg&amp;utm_content=276439718&amp;utm_source=hs_email" target="_blank" rel="noopener">Reuters</a>, social media commentators have connected the increasing lottery sales to uncertainty among China's younger population:"Young people are more likely to win 5 million yuan in the lottery than to earn 5 million from work," a Weibo user said, quoted by the outlet."The worse the economy is, the more lottery tickets will be sold," another wrote on the microblog.The age cohort has made their economic despair clear in previous ways, such as through "zombie-style" poses in this year's <a href="https://www.businessinsider.com/china-economy-college-grads-lying-flat-zombie-photos-youth-unemployment-2023-7">graduation photos</a>. And in the spring, temple visitations swung higher, as workforce entrants <a href="https://markets.businessinsider.com/news/stocks/china-economy-rebound-chinese-recovery-growth-unemployment-prayer-buddha-demand-2023-6">prayed for financial</a> support.While some aspects of the Chinese economy have hinted at improvement more recently, growth prospects continue to remain dim for the year. <a href="https://www.cnbc.com/2023/09/29/china-beige-book-september-2023.html" target="_blank" rel="noopener">Corporate borrowing fell to significantly low</a> levels in September, the China Beige Book reported, adding that export growth fell to its lowest since March.Meanwhile, the country's property market continues to face a slew of bad news, with <a href="https://markets.businessinsider.com/news/stocks/china-economy-real-estate-evergrande-stock-shares-property-debt-crisis-2023-9">developer defaults</a> still on the table.

Chinese consumers are turning to the lottery for money as the economy sputters and youth unemployment soars

<ul class="summary-list"><li>China released a revised youth unemployment figure after not publishing data since June 2023.</li><li>The new metric excludes students. December's youth unemployment stood at 14.9%.</li></ul>China's youth unemployment rate is once again available to the world, after a six-month blackout period where no new figures were published. Joblessness looks to have dropped considerably since the data was last released in June. But the new figure isn't exactly comparable to previous months — it now <a href="https://www.wsj.com/world/china/china-has-a-new-youth-jobless-rate-some-economists-are-ignoring-it-dc2827e5" target="_blank" rel="noopener">excludes full-time students</a> from the calculation. On its face value, youth unemployment in December stood at 14.9%, whereas it touched 21.3% in the summer. Back then, the high-flying number was a focal point for economists, highlighting emerging challenges resulting from China's slowing economy. As fresh graduates poured into the nation's workforce, they faced <a href="https://www.businessinsider.com/china-economy-real-youth-unemployment-rate-50-percent-lie-flat-2023-7">stagnating industries</a> with a weaker demand for labor.These realities may still hold true, even if the revised methodology provides a smaller number, Nicole Goldin, a nonresident senior fellow at the Atlantic Council, wrote. "The lower result though, is still about three times the overall unemployment rate in China (5.1 percent) and reflects the quandary facing young people there. (For comparison, the OECD average is 10.5 percent.)," she wrote in a Friday <a href="https://www.atlanticcouncil.org/blogs/econographics/youth-unemployment-in-china-new-metric-same-mess/" target="_blank" rel="noopener">post</a>.While headwinds to youth unemployment aren't exclusive to China, the country is mired in broader economic turmoil, from <a href="https://www.businessinsider.com/china-hong-kong-shares-economy-markets-festive-holidays-consumer-spending-2024-2">slowing consumption</a>, a debt-burdened <a href="https://www.businessinsider.com/china-economy-crash-evergrande-lehman-2008-crisis-real-estate-collapse-2024-2">property sector</a>, and a <a href="https://markets.businessinsider.com/news/stocks/china-economy-crash-real-estate-property-stock-market-foreign-investors-2024-2">stock market in free-fall</a>. Against this backdrop, the amount of new graduates is on the rise, estimated to reach 12 million this year, Goldin said. Not only are they coming up against a lack of jobs in general, but Beijing's crackdown on tech is limiting opportunities in industries most likely to hire them.Meanwhile, China's <a href="https://www.businessinsider.com/china-economy-demographics-jobs-birthrates-teachers-employment-students-population-beijing-2024-2#:~:text=The%20birth%20rate%20dropped%20from,first%20time%20in%20a%20decade.">falling birth rate</a> is spurring concerns about its future labor force. With the number of newborns having dropped by 500,000 in 2023, young women in the country are facing pressure to raise families instead of pursuing work."The implications of the situation are stark not only as a drag on Chinese productivity and growth but, given the outsized role of China in the global economy, its weakening has the potential to impact youth labor markets worldwide," Goldin wrote. "That's especially true in countries — in Africa and Latin America for example — where Chinese development finance, investment, and trade are critical to their own dynamism and job creation amid debt distress."

China rolled out a new measure of youth unemployment. It shows the nation's labor market is still a mess, think tank says

<ul class="summary-list"><li>China's youth unemployment problem is the root of its economic woes, according to economist Nancy Qian.</li><li>Unemployment among workers aged 16-24 hit a record 21% last quarter.</li></ul>China's economy is in crisis – and the nation's <a href="https://www.businessinsider.com/chinese-gen-zers-getting-a-job-harder-than-in-2009-2023-7">youth unemployment problem</a> could be at the root of its current troubles, according to Northwestern University economist Nancy Qian."To stem the reversal of its economic fortunes, China must address the root of the problem: the lack of high-paying, high-skilled jobs," Qian said in an op-ed for <a href="https://www.project-syndicate.org/commentary/china-youth-unemployment-economic-outlook-by-nancy-qian-1-2023-07?barrier=accesspaylog">Project Syndicate</a> this week. "If the economy is going to grow (or at least avoid a contraction) in the long run, the government must create the conditions for job creation in high-productivity sectors, and for greater investment in higher education."Qian pointed to rampant unemployment among China's younger generation, with a <a href="https://www.businessinsider.com/china-gdp-economy-second-quarter-growth-retail-industrial-production-unemployment-2023-7">record 21% of workers aged 16-24 out of a job</a> in the second quarter, according to China's National Bureau of Statistics. That's largely been driven by the lack of high-skill and high-paying jobs in China's employment market, which have left many college graduates unable to find work. It's also been exacerbated by a number of initiatives China has undertaken in the recent years. In 2021, the government banned online tutoring to reduce pressure on schoolchildren, but that's had the effect of reducing the number of available jobs in the tech industry, Qian said.The government has also pushed to increase China's fertility rate, which has made employers hesitant to hire younger women."Young women's darkening employment outlook is just one of the many signs that the Chinese economy is headed in the wrong direction," Qian warned, noting that China is now diverging from patterns typically seen in advanced economies.Advanced nations typically see higher education rates, smaller family sizes, and growing labor-force participation among women – trends that are now being reversed in China's socioeconomic fabric, especially as the lack of high-paying jobs in the nation lowers the cultural emphasis on education. Meanwhile, China's economy has been slowing, with the nation seeing a <a href="https://www.businessinsider.com/china-debt-economy-implode-stock-market-wall-street-xi-jinping-2023-6">disappointing economic revival</a> since dialing back its zero-COVID policies at the start of this year. <a href="https://markets.businessinsider.com/news/commodities/china-economy-markets-real-estate-factories-property-manufacturing-xi-beijing-2023-5">Real estate and factory activity</a> have slowed, and the nation now risks <a href="https://markets.businessinsider.com/news/stocks/china-economy-recession-deflation-risk-producer-prices-factory-activity-slowdown-2023-6">deflation</a> as demand fails to pick up. GDP growth has already started to decline, and accelerated just 6.3% the past quarter, well-below economists' estimates of 7.1%."The slowdown from 10% annual GDP growth was inevitable. But current patterns raise profound concerns for China's economic outlook, especially considering that the government's policies for addressing them have not worked," Qian said. <a href="https://www.businessinsider.com/china-debt-economy-implode-stock-market-wall-street-xi-jinping-2023-6">Other experts have said China's future could be grim</a> if its economy doesn't pick up soon. China may be headed for a <a href="https://markets.businessinsider.com/news/stocks/china-economy-lost-decade-global-growth-driver-xi-jinping-gdp-2023-6">lost decade</a>, according to one former International Monetary Fund official, and its weakening economy could end up <a href="https://markets.businessinsider.com/news/stocks/china-economy-slowdown-slump-zero-covid-stock-market-crash-outlook-2023-6">impacting US firms</a> that are heavily exposed to nation, experts say.

China's economy is in trouble - and its youth unemployment crisis is at the heart of the problem

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<ul class="summary-list"><li>China's young people are abandoning retirement savings, The New York Times reported.</li><li>The aging population and declining birthrate have intensified the pension crisis.</li></ul>China's pension system is facing a reckoning. A rapidly aging population, difficulties finding a job, and concerns about low pay are weighing on the minds of the country's young people. For some, that has led them to refuse to save for retirement entirely, according to an in-depth report in <a target="_blank" href="https://www.nytimes.com/2024/04/05/business/china-pensions-youth-retirement.html">The New York Times</a>. Tao Swift, an unemployed 30-year-old based in Chengdu, told The Times that he's uncertain there will be a pension fund by the time he retires. "Retire with a pension?" he said. "I don't hold much hope that I can definitely get my hands on it." Around 300 million Chinese citizens aged between 50 and 60 are set to retire within the next decade, <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-china-68595450">BBC News</a> reported. That demographic — the country's largest age group — is nearly equivalent to the entire US population, the outlet added. Within the next 25 years, most of the population will be older than the nation's average retirement age, 54, which is the lowest in the world, The Times reported. In comparison, the <a target="_blank" href="https://www.oecd-ilibrary.org/sites/304a7302-en/index.html?itemId=/content/component/304a7302-en#">Organisation for Economic Co-operation and Development</a>, an intergovernmental organization consisting of 38 member countries (including the US), recorded an average retirement age of 63.4 years for women and 64.2 years for men in 2020. The Chinese Academy of Social Sciences, a government research institution, predicted that the public pension will run out of funds over the next decade, as cited by The Times. Additionally, the continued <a target="_blank" href="https://www.theguardian.com/world/2024/jan/17/china-population-decline-accelerates-as-birthrate-hits-record-low">declining birthrate</a> means there will be fewer people entering the workforce than before. Last year, former central bank Gov. Zhou Xiaochuan said many Chinese people may need to rely on private pension savings due to the pension shortfall. The government has encouraged Gen Z and millennials to keep saving — but not everyone is convinced they will ever see the money. "Their appeal has a reverse effect," Lumiere Chen, a 27-year-old private insurance agent based in Beijing, told the Times. "Because of the aging population, people are skeptical about their future pensions," Tao Wang, chief China economist at UBS, told The Times. "They worry that in the future the payout would be less." Wang said that one solution could be to lower the "alarmingly low" retirement age. But no such action has been taken. There's also the matter of unemployment and low-paying jobs, which is causing young people on social media forums to question whether they are capable of saving for old age, The Times reported. In December 2023, the unemployment rate of people aged 16 to 24 was 14.9%, according to the <a target="_blank" href="https://www.stats.gov.cn/english/PressRelease/202401/t20240117_1946605.html">National Bureau of Statistics China</a>. The rate for those aged from 25 to 29 and from 30 to 59 was 6.1% and 3.9%, respectively.

China faces a reckoning as disillusioned Gen Z and millennial workers refuse to save for retirement: report

<ul class="summary-list"><li>China's youth unemployment rate may be severely skewed, a Peking University professor wrote.</li><li>While official statistics for March cited a 19.7% rate, Zhang Dandan estimated it's closer to 46.5%.</li></ul>While China's official youth unemployment rate indicates around one-fifth of 16- to 24-year olds are jobless, a Peking University professor estimated that this could be close to 50%.According to Zhang Dandan, whose findings were recently published in the financial magazine Caixin, March's youth unemployment rate could have been as much as 46.5% when accounting for 16 million non-students not actively seeking work, <a href="https://www.reuters.com/article/china-economy-youth-unemployment/chinese-professor-says-youth-jobless-rate-might-have-hit-46-5-idINL4N3960Z5" target="_blank" rel="noopener">Reuters</a> reported.This is more than double that month's official 19.7% rate, as published by the National Bureau of Statistics. Since then, it has climbed to 21.3%, which could mean the alternate jobless rate is higher too.To be sure, the US Labor Department's unemployment rate doesn't include Americans who have stopped looking for work. But it still publishes <a href="https://www.bls.gov/news.release/empsit.t15.htm" target="_blank" rel="noopener">alternate measures of joblessness</a>, and the rate that includes "discouraged" workers was 3.7% in June, little changed from the headline rate of 3.6%.While China's economy is still expanding, its post-COVID recovery has disappointed and weakness in key sectors has hit young people especially hard, giving rise to the "<a href="https://www.businessinsider.com/china-economy-college-grads-lying-flat-zombie-photos-youth-unemployment-2023-7">lying flat</a>" trend of millions of college graduates still living off their parents with defeatist attitudes about their futures.According to Zhang's article, which has since been removed, stagnation in some of the country's manufacturing hubs has been a huge pressure point on the youth labor market."Employment there only recovered to two-thirds of pre-COVID levels till March, when COVID faded," she wrote, according to Reuters. "Young people remain major workers in the manufacturing sector, so they were hit more badly."

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