Wikinvest Wire

Now THAT'S job creation

Wednesday, August 05, 2009

After millions of factory workers were sent packing late last year as manufacturing jobs were slashed following the collapse of global trade, the Chinese migrant labor market has made a miraculous recovery, creating almost 16 million jobs in just seven months!

At least, that's what the government implies in this report from CHINADaily:

China's jobless situation is "very grave", with more than 16.5 million people out of work due to the global crisis, a senior labor official said yesterday.

The Ministry of Human Resources and Social Security, however, is "confident" that the unemployment rate will remain below 4.6 percent this year, which would still make it the highest level of unemployment since 1980, said Wang Yadong, deputy director of the employment promotion department.
...
The jobless rate does not include the country's 240 million migrant workers, who make up the main workforce in the labor-intensive industries of the coastal regions and are the most vulnerable during an economic slowdown.

"Less than 3 percent of the migrant workers are seeking jobs in cities," Wang said. This means that only 4.5 million migrant workers are unemployed, because the total number of the migrant workers in cities is about 150 million, including 10 million in the past six months, according to the ministry's figures.
If you didn't quite follow the math there, you are not alone - they've obviously learned a thing or two from watching the U.S. government's Bureau of Labor Statistics.

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