September 30, 2022
  • September 30, 2022

How Chinese workers compare to the US, UK and Brazil

By on September 15, 2022 0

Unemployment among Chinese youths aged 16 to 24 has soared to nearly 20%, according to an official survey in July. Pictured is a job fair in Beijing on August 26, 2022.

Jade Gao | AFP | Getty Images

BEIJING — According to a survey by consultancy Oliver Wyman published this month, more people in China and Brazil are worried about their jobs than in the United States and the United Kingdom.

In China, 32% of respondents said they were concerned about the impact of inflation on their job security, as did 30% of respondents in Brazil, according to the report.

But in the US and UK, that figure was just 13%, according to the survey.

Unemployment among Chinese youths aged 16 to 24 has soared to nearly 20 percent, while that of the working-age population in cities is around 5.4 percent, according to an official survey in July.

In Brazil, the unemployment rate in July was 9.1%, according to official data.

The unemployment rate in the United States was well below 3.5% in July and 3.6% in the United Kingdom, according to government data.

Oliver Wyman’s study focused on consumer views on the impact of inflation. But Hong Kong-based partner Ben Simpfendorfer noted that each country faces unique situations in addition to inflation which likely affected the survey results.

In Brazil, he pointed out, “periods of very high inflation are not unusual” and income disparities tend to be greater.

This was reflected in the fact that 68% of respondents in Brazil said they were worried about their ability to afford groceries and essentials.

While being able to afford these goods was the main concern of consumers in all four countries, Brazil ranked first. The UK was second with 48%, followed by 44% in the US and 42% in China.

Concerns about employment and income in China

In the United States, where job and wage growth has been strong despite recession fears, “worries about households’ ability to pay for groceries would be primarily inflation-related,” Simpfendorfer said.

“While in China, growth has been a little weaker, job growth for some demographics has been weaker, tech workers have struggled recently, wage growth has been slow” , did he declare. to pay for groceries. »

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China’s economy has been dragged down by Covid controls and a housing market slump. A tighter regulatory environment, particularly regarding internet technology companies, also weighed on sentiment.

Chinese revenues are also growing more slowly than the overall pace of price increases.

The average monthly disposable income of residents of the Chinese city was 4,167 Chinese yuan ($598), according to official data for the first half of the year. It was only 1.9% more than a year ago.

By contrast, China’s consumer price index rose 2.5% in August from a year ago, slightly below a two-year high of 2.7% hit the month previous. A rebound in prices for pork, a staple, drove much of the increase.

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In terms of the economic outlook, British respondents were the most pessimistic, with 75% expecting conditions to worsen, according to Oliver Wyman’s report. In the United States, this figure was 56%.

Chinese and Brazilian respondents were the most optimistic, with 42% and 26%, respectively, expecting conditions to improve over the next half year, according to the July survey.

However, less than 15% of US or UK respondents said they were motivated by recession fears to learn new skills or take a side job. But this share was well over 30% in Brazil and China.

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