Recent job cuts at Baidu and Lenovo’s Infrastructure Solutions Group (ISG), alongside years of downsizing at Alibaba Group, show technology is no longer insulated from China’s broader slowdown and job losses.China’s jobless rate for 16-to-24-year-olds, excluding college students, stood at 17.3% in October, slightly down from 17.7% the month prior, the most recent data from the National Bureau of Statistics showed, according to a Reuters report.
The unemployment rate for 25-to-29-year-olds, excluding students, remained unchanged at 7.2% from a month earlier, while the jobless rate for 30-to-59-year-olds fell to 3.8% from 3.9%, the data showed. It’s not immediately clear how the recent wave tech layoffs will impact those figures.
