The unemployment rate among 16- to 24-year-olds not in education rose from 17.1 percent in July, according to figures released by the National Bureau of Statistics (NBS) on Friday.
The closely watched metric peaked at 21.3 percent in June of 2023, before authorities suspended publication of the figures and changed their methodology to exclude students.
Nearly 12 million students graduated from Chinese universities this June, heightening competition in an already-tough job market and likely explaining July's sharp increase in joblessness.
In May, President Xi Jinping said countering youth unemployment must be regarded as a "top priority".
Unemployment for those aged 25-29 edged up to 6.9 percent in August from 6.5 percent in July, according to the NBS.
The unemployment figures for August come after authorities announced lacklustre data for retail sales and industrial production growth for the month.
"Adverse effects of current changes in the external environment are increasing, domestic demand is still insufficient, and the economy is still facing many difficulties and challenges in its continued recovery," the NBS said in a previous statement.
Asian markets track Wall Street record to extend global rally
Hong Kong (AFP) Sept 20, 2024 -
Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.
Traders have been put in a bullish mood by the Federal Reserve's decision to go big on its first reduction since the start of the Covid pandemic -- opting for 50 basis points instead of 25 -- and pledging more would come.
There had been fears the move could signal officials were worried about the economy and were behind the curve in easing policy, but data Thursday showing jobless claims at their lowest since May suggested the United States was heading for a soft landing, rather than recession.
After a muted initial reaction to the Fed cut, Wall Street bounded higher Thursday, with the S&P 500 and Dow hitting new records and the Nasdaq piling on more than two percent.
Asia continued the run, extending the previous day's advances.
Tokyo jumped more than one percent, matching Thursday's performance, while Hong Kong was also more than one percent higher. Sydney, Seoul, Taipei, Mumbai, Bangkok and Manila also enjoyed strong buying.
Shanghai was marginally higher, but Wellington, Singapore and Jakarta fell.
Frankfurt fell a day after hitting a record high, while there were also losses in London and Paris.
Gold hit a fresh record high of $2,609.74 on the prospect of lower borrowing costs, which makes the precious metal more attractive to investors.
With the Fed out of the way, attention turned to the Bank of Japan as it wound up its own policy meeting by keeping borrowing costs on hold.
The move had been widely expected after a hike at its previous gathering, but investors will now be poring over the bank's statement and comments from boss Kazuo Ueda hoping for guidance on its near-term plans.
The BoJ began to move away from its long-running policy of ultra-low rates in March -- which saw the first increase in 17 years -- but a second increase in July sent shockwaves through markets.
The move sparked a surge in the yen as investors unwound their so-called carry trade, in which they used the cheap currency to buy higher yielding assets such as stocks.
Bets on more tightening -- and a period of cutting by the Fed -- helped push the yen this week to less than 140 per dollar, its strongest level since summer.
The yen strengthened to 141.74 per dollar after the BoJ announcement, but later reversed to hit 143.77 in afternoon Asian trade.
Friday's BoJ meeting came hours after figures showed the consumer price index (CPI) edged up to 2.8 percent in August, as expected.
Masamichi Adachi, UBS Securities' chief economist for Japan, said: "We think it is reasonable to expect the next rate hike will be coming soon, which is in line with the consensus view among BoJ watchers.
"October is still possible, but elevated market nervousness and political developments make us think that the risk is more skewed to December than before."
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: UP 1.5 percent at 37,723.91 (close)
Hong Kong - Hang Seng Index: UP 1.4 percent at 18,258.57 (close)
Shanghai - Composite: FLAT percent at 2,736.81 (close)
London - FTSE 100: DOWN 0.5 percent at 8,283.93
Dollar/yen: DOWN at 143.60 yen from 142.57 yen on Thursday
Pound/dollar: UP at $1.3313 from $1.3281
Euro/dollar: UP at $1.1170 from $1.1161
Euro/pound: DOWN at 83.85 pence from 84.03 pence
West Texas Intermediate: DOWN 0.4 percent at $71.70 per barrel
Brent North Sea Crude: DOWN 0.5 percent at $74.53 per barrel
New York - Dow: UP 1.3 percent at 42,025.19 (close)
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