SHANGHAI LOCKDOWN: CHINA SPENDING AND EMPLOYMENT HIT

April 20, 2022
3 years ago

According to official numbers, China's consumer spending decreased and unemployment surged last month as Covid lockdowns restricted millions of people to their homes.

 

 

 

 

 

Unemployment has risen to its greatest level since the beginning of the epidemic.

 

 

 

However, in the first three months of this year, the country's economy increased faster than projected.

 

 

 

A spike in infections has prompted lockdowns in a number of major cities, including Shanghai, China's financial, industrial, and shipping powerhouse.

 

 

 

According to China's National Bureau of Statistics, retail sales declined 3.5 percent in March compared to the same month last year. It was the first time since July 2020 that the index has dropped.

 

 

 

Unemployment jumped to 5.8% in the same period, the highest level since May 2020.

 

 

 

The results show that there is a greater chance of a dramatic slowdown in the economy.