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2022-06-15

China’s shoppers are still on strike and youth unemployment is rising

This is a news story from CNN by Laura He. This article is on the economic impact of China's zero COVID policy. Retail sales fell 6.7% in May according to China's National Bureau of Statistics. It is slightly lower than the 11. 1% drop in sales from April. Customer spending has fallen in about every category except for food, drink, and petroleum. Youth unemployment is rising in China, as places that would hire young workers were forced to shutdown with lockdowns. The youth unemployment rate rose 18.4% between the 16-24 range in China.