China's youth jobless rate rises to 16.9% in February

BEIJING (Reuters) -Joblessness among youth in Chinese cities rose a second month in February, tracking the nation's jobless rate which reached a two-year high, official data showed on Thursday.

The urban jobless rate for 16-to-24-year-olds, excluding students, grew to 16.9% from 16.1% in January, according to data from the National Bureau of Statistics.

The unemployment rate for 25-29-year-olds climbed to 7.3% from 6.9%, as did the jobless rate for 30-59-year-olds at 4.3% from 4.0%.

China's nationwide survey-based urban jobless rate was at its highest in two years at 5.4%, according to data released by the statistics bureau on Monday.

China stopped reporting the data for youth joblessness for months after the unemployment rate for 16-24-year-olds hit a record 21.3% in June 2023.

The National Bureau of Statistics resumed publishing the closely watched benchmark in December that year, after changing the methodology to exclude students.

The jobless rate does not account for job seekers who have given up on job searches, and does not assess the unemployment situation in rural China.

China's leaders have pledged stronger fiscal and monetary support for the economy, with a particular emphasis on spurring domestic consumption as trade pressures from the United States cloud its economic outlook.

Top leaders in China have maintained an economic growth target of "around 5%" for 2025, but analysts say that may be a tall order given pressure on exports, tepid household demand and a protracted property crisis.

(Reporting by Liz Lee and Shi Bu; Editing by Tom Hogue and Saad Sayeed)