China suspended publication of its youth jobless data on Tuesday, saying it needed to review the methodology behind the closely watched benchmark, which has hit record highs in one of many warning signs for the world's second-largest economy.
  • sadreality@kbin.social
    182·
    1 year ago

    They need to learn to how juke the stats like we do in the US.

    No such thing as a bad number a little massaging can’t fix IMHO

    • rothaine@beehaw.org
      102·
      1 year ago

      “Inflation seems really bad”

      “But TVs are cheap now right”

      “Yeah, but–”

      “And every household needs, like, at least four TVs right? And people probably buy roughly 3 new TVs a year, right?”

      “But what about food and housing and–”

      “Bro they are saving so much on TVs it makes up for it! Call it 2% for the year, done”

      • verbalbotanics@beehaw.org
        6·
        1 year ago

        “I have to work 3 jobs to make rent and health insurance”

        “But look at the numbers! We’re almost at full employment! Isn’t that great?”

    • zephyreks@programming.dev
      64·
      1 year ago

      Corruption has led the Chinese government to institute so many checks and balances on their reporting system. They don’t have the massaging flexibility that the US has.

        • zephyreks@programming.dev
          11·
          1 year ago

          "A study published by the Lancet in April, which looked at COVID-related mortality in 74 countries and territories over 2020-2021, estimated there were 17,900 excess deaths in China over the period, compared to an official death toll of 4,820.

          Globally, the study estimated 18.2 million excess deaths in 2021-2022, compared with reported COVID deaths of 5.94 million."

          With basic math, that means China reported 27% of expected deaths, which compares to the global average of 33%. That’s… Within a margin of error, isn’t it?

          Plus, heads rolled for the mismanagement at the start of COVID. The national government stepped in and fucked up provincial and regional leaders… Unfortunately for you, China doesn’t exactly get a glut of global pandemics that it can use to figure out how to stop corruption when reporting crisis numbers… Fortunately for me, they do have to report economics numbers quarterly, and the national government is pretty anal about not letting provinces misreport that nowadays.

    • Wanderer@lemm.ee
      2·
      1 year ago

      This is a growing problem worldwide with increasing productivity and automation.

      Now don’t get me wrong I’m not a luddite. I’m all for more investment in productivity and automation but it doesn’t mean there aren’t issues.

      Lots of things need to be done and their aren’t really any easy answers. Unfortunately those with a lot and those with power have more votes, so it doesn’t look like much is going to change.

  • AutoTL;DR@lemmings.worldBEnglish
    10·
    1 year ago

    This is the best summary I could come up with:

    BEIJING, Aug 15 (Reuters) - China’s statistics bureau said on Tuesday it had suspended publication of youth jobless data, citing the need to improve methodology in the way it measured unemployment among young people, which has hit record highs in recent months.

    The decision announced shortly after the release of weaker-than-expected factory and retail sales data sparked a rare backlash on social media amid growing frustration about employment prospects in the country.

    Young Chinese are facing their toughest summer job-hunting season after regulatory clamp-downs in recent years left traditional sources of graduate employment – including the property, tech and education sectors – bruised.

    The most recent NBS data on youth unemployment, published last month, showed the jobless rate jumping to a record high of 21.3% in June.

    The NBS’s decision was immediately mocked on Chinese social media, with a related hashtag receiving over 10 million views on microblogging site Weibo.

    A Chinese professor last month said the country’s true youth jobless rate may have been closer to 50% in March, in rare public comments about the matter published in an article for financial magazine Caixin.

    I’m a bot and I’m open source!